https://www.taxtmi.com/caselaws?id=181910 The article clarifies that for claiming obsolescence allowance under the Income-tax Act the proviso's requirement is satisfied if the relevant diminution is actually written off in the books the assessee maintains; the Act does not mandate a particular form of accounts. Consequently the absence of a profit and loss account or full double-entry records does not alone bar the allowance where subsidiary records show condemnation and a write-off. Operatively, an assessee is entitled to the obsolescence allowance when the write-off is recorded in his maintained books and the factual basis for the write-off is established. en-us Wed, 17 Mar 1965 00:00:00 +0530 Wed, 27 Apr 2016 14:36:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181910 The article clarifies that for claiming obsolescence allowance under the Income-tax Act the proviso's requirement is satisfied if the relevant diminution is actually written off in the books the assessee maintains; the Act does not mandate a particular form of accounts. Consequently the absence of a profit and loss account or full double-entry records does not alone bar the allowance where subsidiary records show condemnation and a write-off. Operatively, an assessee is entitled to the obsolescence allowance when the write-off is recorded in his maintained books and the factual basis for the write-off is established. Case-Laws Income Tax Wed, 17 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181910