https://www.taxtmi.com/caselaws?id=8746 A ship is not treated as used for the assessee's business under section 10(2)(vii) of the Indian Income-tax Act, 1922, unless there is active or passive business use during the relevant previous year. After a concluded sale agreement, the assessee instructed that no cargo be loaded and that the vessel proceed only in ballast; the voyage to Calcutta, dry-docking and repairs were undertaken to complete delivery obligations and preserve class for sale, not to further trading operations. On those facts, the asset was withdrawn from business, so the deeming profit provision did not apply. en-us Wed, 18 Oct 1972 00:00:00 +0530 Wed, 03 Jun 2009 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8746 A ship is not treated as used for the assessee's business under section 10(2)(vii) of the Indian Income-tax Act, 1922, unless there is active or passive business use during the relevant previous year. After a concluded sale agreement, the assessee instructed that no cargo be loaded and that the vessel proceed only in ballast; the voyage to Calcutta, dry-docking and repairs were undertaken to complete delivery obligations and preserve class for sale, not to further trading operations. On those facts, the asset was withdrawn from business, so the deeming profit provision did not apply. Case-Laws Income Tax Wed, 18 Oct 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8746