https://www.taxtmi.com/caselaws?id=183871 Profits on sale of two trucks were held taxable under section 10(2)(vii) where the trucks were in running order and available for hire at the start of the previous year; the statutory notion of "used for the purposes of the business" embraces passive availability as well as active use. Precedents support a wide construction of "used" to include assets kept in running order and available for hire. The second proviso deems excess of sale proceeds over written down value to be profits of the previous year when within prescribed limits; that deeming rule applied to the trucks, rendering the sale profits taxable. en-us Mon, 17 Sep 1962 00:00:00 +0530 Thu, 23 Jun 2016 17:29:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183871 Profits on sale of two trucks were held taxable under section 10(2)(vii) where the trucks were in running order and available for hire at the start of the previous year; the statutory notion of "used for the purposes of the business" embraces passive availability as well as active use. Precedents support a wide construction of "used" to include assets kept in running order and available for hire. The second proviso deems excess of sale proceeds over written down value to be profits of the previous year when within prescribed limits; that deeming rule applied to the trucks, rendering the sale profits taxable. Case-Laws Income Tax Mon, 17 Sep 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183871