https://www.taxtmi.com/caselaws?id=28260 A balancing deduction under section 32(1)(iii) of the Income-tax Act is confined to cases where an asset is sold, discarded, demolished or destroyed, and the wording is exhaustive. Confiscation of a motor car by Customs was held not to fall within those terms, because confiscation is an appropriation to the public treasury by way of penalty or seizure and is not demolition or destruction of the asset. A wider commercial loss argument could not expand the statutory language. The deduction was therefore not allowable, and the issue was answered against the assessee. en-us Wed, 28 Jul 1982 00:00:00 +0530 Sat, 20 Feb 2010 10:47:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28260 A balancing deduction under section 32(1)(iii) of the Income-tax Act is confined to cases where an asset is sold, discarded, demolished or destroyed, and the wording is exhaustive. Confiscation of a motor car by Customs was held not to fall within those terms, because confiscation is an appropriation to the public treasury by way of penalty or seizure and is not demolition or destruction of the asset. A wider commercial loss argument could not expand the statutory language. The deduction was therefore not allowable, and the issue was answered against the assessee. Case-Laws Income Tax Wed, 28 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28260