https://www.taxtmi.com/caselaws?id=17800 The court ruled in favor of the Income-tax Officer, denying depreciation on the destroyed boiler. The High Court sided with the assessee on the interpretation of section 41(2), stating that since no money was directly paid, the section did not apply. Additionally, the court held that no capital gains tax was leviable on the replacement of the boiler, following the principle that no tax is applicable when an asset is destroyed without a transfer. en-us Thu, 11 Jan 1996 00:00:00 +0530 Wed, 15 Apr 2015 16:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17800 The court ruled in favor of the Income-tax Officer, denying depreciation on the destroyed boiler. The High Court sided with the assessee on the interpretation of section 41(2), stating that since no money was directly paid, the section did not apply. Additionally, the court held that no capital gains tax was leviable on the replacement of the boiler, following the principle that no tax is applicable when an asset is destroyed without a transfer. Case-Laws Income Tax Thu, 11 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17800