https://www.taxtmi.com/caselaws?id=273462 Rights in a brick-field land that include the power to excavate earth are treated as capital assets akin to the working rights in a mine or quarry. The earth removed is part of the undertaking's fixed capital structure, not circulating capital or trading stock, so its value cannot be claimed as a deduction in computing profits. The claim that the value of earth extracted and used in brick manufacture was allowable as business expenditure or depreciation was rejected; the amount was held to be capital expenditure and therefore not deductible. en-us Mon, 26 Jul 1937 00:00:00 +0530 Wed, 27 Jun 2018 18:08:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273462 Rights in a brick-field land that include the power to excavate earth are treated as capital assets akin to the working rights in a mine or quarry. The earth removed is part of the undertaking's fixed capital structure, not circulating capital or trading stock, so its value cannot be claimed as a deduction in computing profits. The claim that the value of earth extracted and used in brick manufacture was allowable as business expenditure or depreciation was rejected; the amount was held to be capital expenditure and therefore not deductible. Case-Laws Income Tax Mon, 26 Jul 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273462