https://www.taxtmi.com/caselaws?id=20202 The High Court held that the fall in value of machinery not installed remains a capital loss and cannot be deducted from profits for tax purposes. The court emphasized that the treatment of assets in accounts does not change their capital nature, and such losses are not allowable deductions under the Income-tax Act. The judgment favored the Revenue, denying the assessee's claim for a deduction on the revaluation of machinery not put to use. This decision establishes clarity on the differentiation between revenue and capital losses in accounting for uninstalled machinery, setting a precedent for similar cases involving capital asset revaluation. en-us Tue, 29 Mar 1994 00:00:00 +0530 Thu, 12 Nov 2009 13:46:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20202 The High Court held that the fall in value of machinery not installed remains a capital loss and cannot be deducted from profits for tax purposes. The court emphasized that the treatment of assets in accounts does not change their capital nature, and such losses are not allowable deductions under the Income-tax Act. The judgment favored the Revenue, denying the assessee's claim for a deduction on the revaluation of machinery not put to use. This decision establishes clarity on the differentiation between revenue and capital losses in accounting for uninstalled machinery, setting a precedent for similar cases involving capital asset revaluation. Case-Laws Income Tax Tue, 29 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20202