https://www.taxtmi.com/caselaws?id=21906 The High Court held that the assessee was not entitled to terminal allowance under section 32(1)(iii) of the Income-tax Act for the assessment year 1972-73. The court emphasized that the machinery sold should have been used during the relevant accounting year to claim the allowance. As the machinery was being used by the purchaser for their business and possession was transferred before the relevant period, the claim was deemed unsustainable. The court reiterated the necessity for assets to be actively or passively used in the business during the previous year to qualify for the allowance. en-us Mon, 08 Jul 1991 00:00:00 +0530 Fri, 04 Dec 2009 11:13:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21906 The High Court held that the assessee was not entitled to terminal allowance under section 32(1)(iii) of the Income-tax Act for the assessment year 1972-73. The court emphasized that the machinery sold should have been used during the relevant accounting year to claim the allowance. As the machinery was being used by the purchaser for their business and possession was transferred before the relevant period, the claim was deemed unsustainable. The court reiterated the necessity for assets to be actively or passively used in the business during the previous year to qualify for the allowance. Case-Laws Income Tax Mon, 08 Jul 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21906