https://www.taxtmi.com/caselaws?id=342693 The High Court ruled in favor of the Revenue, overturning the decisions of the ITAT and CIT(A). It held that the Assessee's claim for writing off assets did not qualify under Section 32(1)(iii) of the Income Tax Act as the Assessee was not a power generation company. The Court emphasized the specific criteria under sub-clause (iii) and clarified that it applies to assets sold, discarded, demolished, or destroyed. Consequently, the addition to the taxable income made by the Assessing Officer was upheld, and the appeal favored the Revenue. en-us Thu, 04 May 2017 00:00:00 +0530 Sat, 17 Jun 2017 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342693 The High Court ruled in favor of the Revenue, overturning the decisions of the ITAT and CIT(A). It held that the Assessee's claim for writing off assets did not qualify under Section 32(1)(iii) of the Income Tax Act as the Assessee was not a power generation company. The Court emphasized the specific criteria under sub-clause (iii) and clarified that it applies to assets sold, discarded, demolished, or destroyed. Consequently, the addition to the taxable income made by the Assessing Officer was upheld, and the appeal favored the Revenue. Case-Laws Income Tax Thu, 04 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342693