https://www.taxtmi.com/caselaws?id=69196 The Tribunal ruled in favor of the assessee, allowing the deduction of demolition expenses in the computation of profit under section 41(2) for a demolished building. The Tribunal held that the scrap value should be what the assessee realizes after deducting the demolition expenses, emphasizing that the value of the scrap, not its price, should be considered. The decision distinguished a previous case and concluded that the demolition expenses should be deducted from the realization amount, ultimately allowing the appeal. en-us Fri, 20 Feb 1976 00:00:00 +0530 Tue, 05 Apr 2011 16:55:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69196 The Tribunal ruled in favor of the assessee, allowing the deduction of demolition expenses in the computation of profit under section 41(2) for a demolished building. The Tribunal held that the scrap value should be what the assessee realizes after deducting the demolition expenses, emphasizing that the value of the scrap, not its price, should be considered. The decision distinguished a previous case and concluded that the demolition expenses should be deducted from the realization amount, ultimately allowing the appeal. Case-Laws Income Tax Fri, 20 Feb 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69196