https://www.taxtmi.com/caselaws?id=12248 The High Court held that the scrap value of assets should be considered when calculating terminal allowance under section 32(1)(iii) of the Income-tax Act, even if the assessee did not convert the scrap into cash. The Court emphasized that the value of the scrap material must be taken into account when assets are discarded or demolished, irrespective of the assessee's decision to realize money from it. The decision clarified that the scrap value is essential in determining the benefit under the provision, ruling in favor of including the scrap value in the assessment. en-us Wed, 28 Aug 2002 00:00:00 +0530 Sat, 20 Feb 2010 12:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12248 The High Court held that the scrap value of assets should be considered when calculating terminal allowance under section 32(1)(iii) of the Income-tax Act, even if the assessee did not convert the scrap into cash. The Court emphasized that the value of the scrap material must be taken into account when assets are discarded or demolished, irrespective of the assessee's decision to realize money from it. The decision clarified that the scrap value is essential in determining the benefit under the provision, ruling in favor of including the scrap value in the assessment. Case-Laws Income Tax Wed, 28 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12248