https://www.taxtmi.com/caselaws?id=168679 An estimated diminution in the value of immovable property on revaluation made during reconstitution of a firm was not an actual trading loss deductible in the accounting year. The claimed loss arose only from a book valuation of assets and not from any realised disposal or sale during the relevant period. Because no evidence showed that the property had been sold or otherwise realised for value, the fall in capital value remained unrealised and could not be treated as a trading loss. The claim was therefore not allowable in the accounting year, and the issue was answered against the taxpayer and in favour of the Revenue. en-us Mon, 10 Jul 1933 00:00:00 +0530 Sat, 21 Mar 2015 17:25:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168679 An estimated diminution in the value of immovable property on revaluation made during reconstitution of a firm was not an actual trading loss deductible in the accounting year. The claimed loss arose only from a book valuation of assets and not from any realised disposal or sale during the relevant period. Because no evidence showed that the property had been sold or otherwise realised for value, the fall in capital value remained unrealised and could not be treated as a trading loss. The claim was therefore not allowable in the accounting year, and the issue was answered against the taxpayer and in favour of the Revenue. Case-Laws Income Tax Mon, 10 Jul 1933 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168679