https://www.taxtmi.com/caselaws?id=401508 The court held in favor of the assessee, determining that the loss on the sale of depreciable assets should be treated as a "Business Loss" under Section 41(2) of the Income Tax Act. The court emphasized that the sale occurred during the regular course of business and highlighted the permissibility of treating such losses under Section 41(2) and Section 50. Additionally, the court found the disallowance of unrecovered expenditure by the Tribunal and Assessing Authority to be erroneous, ruling in favor of the assessee on this issue as well. The court allowed the appeal, directing that the losses and expenditures claimed by the assessee should be allowed. en-us Tue, 01 Dec 2020 00:00:00 +0530 Wed, 09 Dec 2020 11:49:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401508 The court held in favor of the assessee, determining that the loss on the sale of depreciable assets should be treated as a "Business Loss" under Section 41(2) of the Income Tax Act. The court emphasized that the sale occurred during the regular course of business and highlighted the permissibility of treating such losses under Section 41(2) and Section 50. Additionally, the court found the disallowance of unrecovered expenditure by the Tribunal and Assessing Authority to be erroneous, ruling in favor of the assessee on this issue as well. The court allowed the appeal, directing that the losses and expenditures claimed by the assessee should be allowed. Case-Laws Income Tax Tue, 01 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401508