https://www.taxtmi.com/caselaws?id=29010 Property acquired to house employees for business convenience was treated as a business asset because its use was incidental to and in furtherance of the assessee's commercial operations. The court applied the controlling test of whether the asset was used for the purposes of the business, and held that providing residential accommodation to employees to improve business efficiency amounted to such use. The earlier assessment treatment of income from the property was irrelevant. On that basis, the loss on sale was computable as an allowance under section 10(2)(vii) of the Income-tax Act, 1922, and the assessee was entitled to claim the deduction. en-us Mon, 14 Sep 1981 00:00:00 +0530 Wed, 10 Mar 2010 11:50:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29010 Property acquired to house employees for business convenience was treated as a business asset because its use was incidental to and in furtherance of the assessee's commercial operations. The court applied the controlling test of whether the asset was used for the purposes of the business, and held that providing residential accommodation to employees to improve business efficiency amounted to such use. The earlier assessment treatment of income from the property was irrelevant. On that basis, the loss on sale was computable as an allowance under section 10(2)(vii) of the Income-tax Act, 1922, and the assessee was entitled to claim the deduction. Case-Laws Income Tax Mon, 14 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29010