https://www.taxtmi.com/caselaws?id=69514 The Tribunal allowed the appeal, ruling in favor of the assessee, and directed the ITO to grant the deduction under section 32(1)(iii) for the loss incurred from selling machinery to a sister concern. The Tribunal clarified that the closure of a specific unit did not mean the entire business had ceased, as the nuts and bolts unit was part of a larger ongoing business. It interpreted the requirement of machinery use for business purposes broadly, considering the asset's commercial nature rather than just its current use, and allowed the deduction based on these grounds. en-us Sat, 28 Jan 1984 00:00:00 +0530 Thu, 07 Apr 2011 14:08:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69514 The Tribunal allowed the appeal, ruling in favor of the assessee, and directed the ITO to grant the deduction under section 32(1)(iii) for the loss incurred from selling machinery to a sister concern. The Tribunal clarified that the closure of a specific unit did not mean the entire business had ceased, as the nuts and bolts unit was part of a larger ongoing business. It interpreted the requirement of machinery use for business purposes broadly, considering the asset's commercial nature rather than just its current use, and allowed the deduction based on these grounds. Case-Laws Income Tax Sat, 28 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69514