https://www.taxtmi.com/caselaws?id=70003 The Tribunal allowed the appeal, ruling in favor of the assessee and deleting the disallowance of the claimed amount for terminal allowance under section 32 of the IT Act. It held that the written down value should be based on the realized value of salvaged materials from the demolished building, not the estimated scrap value. The Tribunal emphasized the assessee's right to decide the asset's fate and that the law does not require the assessee to make a profit, directing the Income Tax Officer to recompute the total income without considering the estimated value of the salvaged materials. en-us Wed, 26 Dec 1990 00:00:00 +0530 Wed, 13 Apr 2011 13:24:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70003 The Tribunal allowed the appeal, ruling in favor of the assessee and deleting the disallowance of the claimed amount for terminal allowance under section 32 of the IT Act. It held that the written down value should be based on the realized value of salvaged materials from the demolished building, not the estimated scrap value. The Tribunal emphasized the assessee's right to decide the asset's fate and that the law does not require the assessee to make a profit, directing the Income Tax Officer to recompute the total income without considering the estimated value of the salvaged materials. Case-Laws Income Tax Wed, 26 Dec 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70003