https://www.taxtmi.com/caselaws?id=120464 The Tribunal held that the assessee is not entitled to the benefit of cost indexation under Section 48 for capital loss on sale of assets used for scientific research once the sale proceeds are taxed under Section 41(3). The Tribunal emphasized that double deduction is not permissible under the Income-tax Act. The Tribunal allowed the assessee's claim for most of the written-off debit balances related to day-to-day business. For disallowed depreciation due to lack of supporting bills, the matter was remanded back to the AO for verification. The Tribunal admitted the claim of long-term capital loss on sale of equity shares and directed examination by the AO. Amortization of expenditure on rose bushes was allowed, and the issue of capital expenditure on scientific research was remanded for fresh examination by the AO. en-us Fri, 25 Jul 2008 00:00:00 +0530 Fri, 20 Jul 2012 11:29:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120464 The Tribunal held that the assessee is not entitled to the benefit of cost indexation under Section 48 for capital loss on sale of assets used for scientific research once the sale proceeds are taxed under Section 41(3). The Tribunal emphasized that double deduction is not permissible under the Income-tax Act. The Tribunal allowed the assessee's claim for most of the written-off debit balances related to day-to-day business. For disallowed depreciation due to lack of supporting bills, the matter was remanded back to the AO for verification. The Tribunal admitted the claim of long-term capital loss on sale of equity shares and directed examination by the AO. Amortization of expenditure on rose bushes was allowed, and the issue of capital expenditure on scientific research was remanded for fresh examination by the AO. Case-Laws Income Tax Fri, 25 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120464