https://www.taxtmi.com/caselaws?id=36414 The court ruled in favor of the assessee, holding that the loss on the sale of machinery was deductible under section 32(1)(iii) of the Income-tax Act, 1961. The court emphasized substantial compliance with statutory provisions and found that the assessee had complied by recording the loss on the first day of the subsequent year, even though the write-off was not done in the same year. The court concluded that the assessee met the statutory requirements for the deduction, and therefore, the allowance of the loss was upheld. The assessee was awarded costs, including counsel's fee. en-us Tue, 18 Dec 1979 00:00:00 +0530 Mon, 22 Mar 2010 11:56:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36414 The court ruled in favor of the assessee, holding that the loss on the sale of machinery was deductible under section 32(1)(iii) of the Income-tax Act, 1961. The court emphasized substantial compliance with statutory provisions and found that the assessee had complied by recording the loss on the first day of the subsequent year, even though the write-off was not done in the same year. The court concluded that the assessee met the statutory requirements for the deduction, and therefore, the allowance of the loss was upheld. The assessee was awarded costs, including counsel's fee. Case-Laws Income Tax Tue, 18 Dec 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36414