https://www.taxtmi.com/caselaws?id=171585 Machinery discarded after an unsuccessful experimental use may qualify for obsolescence allowance if it has become outdated, uneconomical or inefficient, even without physical wear and tear. The allowance is not limited to machinery worn out by use, but relief still depends on furnishing the necessary particulars. Profit from an isolated sale of shares is taxable as business income only if the transaction, viewed in its surrounding circumstances, amounts to trading or an adventure in the nature of trade. On the stated facts, the share sale reflected capital appreciation and not business activity, so it was not taxable as revenue profit. en-us Fri, 19 Dec 1958 00:00:00 +0530 Fri, 24 Jul 2015 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171585 Machinery discarded after an unsuccessful experimental use may qualify for obsolescence allowance if it has become outdated, uneconomical or inefficient, even without physical wear and tear. The allowance is not limited to machinery worn out by use, but relief still depends on furnishing the necessary particulars. Profit from an isolated sale of shares is taxable as business income only if the transaction, viewed in its surrounding circumstances, amounts to trading or an adventure in the nature of trade. On the stated facts, the share sale reflected capital appreciation and not business activity, so it was not taxable as revenue profit. Case-Laws Income Tax Fri, 19 Dec 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171585