https://www.taxtmi.com/caselaws?id=8043 The second proviso to section 10(2)(vii) deemed excess realised on sale of depreciable machinery over written down value as profits for section 10, but the Bombay HC treated that deeming rule as confined to income computed under that head. It held that the proviso was not a condition for granting depreciation and could not be imported into assessment of income under section 12 absent clear statutory language. On that basis, profit on sale of machinery was not liable to tax under the second proviso read with section 12 of the Indian Income-tax Act, 1922. en-us Fri, 06 Mar 1970 00:00:00 +0530 Fri, 27 Mar 2009 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8043 The second proviso to section 10(2)(vii) deemed excess realised on sale of depreciable machinery over written down value as profits for section 10, but the Bombay HC treated that deeming rule as confined to income computed under that head. It held that the proviso was not a condition for granting depreciation and could not be imported into assessment of income under section 12 absent clear statutory language. On that basis, profit on sale of machinery was not liable to tax under the second proviso read with section 12 of the Indian Income-tax Act, 1922. Case-Laws Income Tax Fri, 06 Mar 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8043