https://www.taxtmi.com/caselaws?id=277065 Bombay HC held that the Tribunal's finding that the assessee's business had ceased on 28 August 1945 was a finding of fact supported by evidence and not open to interference in reference jurisdiction; allowance of some post-closure expenditure did not show that the business continued, as it was incurred for winding up and realising accrued income. The Court also held that loss on sale of machinery and a lorry after cessation remained deductible under section 10(2)(vii) because the provision required only prior business use in the relevant year of account and a sale at a loss measured by written down value, not that the sale occur while the business was ongoing. The deduction was therefore allowed. en-us Wed, 22 Aug 1956 00:00:00 +0530 Fri, 23 Nov 2018 14:10:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277065 Bombay HC held that the Tribunal's finding that the assessee's business had ceased on 28 August 1945 was a finding of fact supported by evidence and not open to interference in reference jurisdiction; allowance of some post-closure expenditure did not show that the business continued, as it was incurred for winding up and realising accrued income. The Court also held that loss on sale of machinery and a lorry after cessation remained deductible under section 10(2)(vii) because the provision required only prior business use in the relevant year of account and a sale at a loss measured by written down value, not that the sale occur while the business was ongoing. The deduction was therefore allowed. Case-Laws Income Tax Wed, 22 Aug 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277065