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of <h1>Clarification on Section 32(1)(iii): Deduction Guidelines for Asset Disposal and Depreciation in Income-tax Act 1961.</h1> Section 32(1)(iii) of the Income-tax Act, 1961, allows for a deduction when a building, machinery, plant, or furniture is sold, discarded, demolished, or destroyed, provided the deficiency is actually written off in the assessee's books. The Board clarified that if depreciation in the books exceeds that admissible under Income-tax Rules, the amount written off should not be less than the deduction allowed under section 32(1)(iii). The assessee should not need to write off an amount equal to the terminal allowance if depreciation has been allowed per the rules. This clarification should be communicated to all relevant officers.
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