Saturday, May 14, 2011

BINJRAJKA STEEL TUBES LTD. VS. ASSTT. CIT, CIR-1(3), HYDERABAD

Whether benefit of depreciation obtained by assessee in earlier years could not be termed as an allowance or expenditure claimed by assessee in earlier years, hence, any recoupment received by assessee on this count could not be taxed under section 41(1)- Held, yes

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