https://www.taxtmi.com/caselaws?id=36724 The Court held in favor of the assessee, ruling that they were entitled to claim a deduction of Rs. 27,000 under Section 36(1)(vi) of the Income-tax Act, 1961 for the loss incurred on the sale of racehorses. The Tribunal's decision to deny the deduction was deemed incorrect as the horse in question had become permanently useless for racing purposes after its certificate was revoked, meeting the criteria for the deduction. The Court emphasized that discontinuing the business was not a prerequisite for claiming the deduction under Section 36(1)(vi) and awarded costs in favor of the assessee. en-us Tue, 20 Feb 1979 00:00:00 +0530 Wed, 24 Mar 2010 11:34:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36724 The Court held in favor of the assessee, ruling that they were entitled to claim a deduction of Rs. 27,000 under Section 36(1)(vi) of the Income-tax Act, 1961 for the loss incurred on the sale of racehorses. The Tribunal's decision to deny the deduction was deemed incorrect as the horse in question had become permanently useless for racing purposes after its certificate was revoked, meeting the criteria for the deduction. The Court emphasized that discontinuing the business was not a prerequisite for claiming the deduction under Section 36(1)(vi) and awarded costs in favor of the assessee. Case-Laws Income Tax Tue, 20 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36724