https://www.taxtmi.com/caselaws?id=38837 The High Court of Calcutta ruled in favor of the assessee in a case involving the interpretation of section 41(2) of the Income-tax Act, 1961. The dispute centered on whether items not fully destroyed in a fire but retained by the assessee should be considered in determining profits under the Act. The Court held that the term "destroyed" in the section did not encompass items partially damaged by fire, concluding that such items should be excluded from profit calculation under section 41(2). The judgment favored the assessee, rejecting the Revenue's argument and affirming that partially damaged items should not be included in profit calculations. en-us Fri, 08 Aug 1975 00:00:00 +0530 Fri, 09 Apr 2010 16:11:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38837 The High Court of Calcutta ruled in favor of the assessee in a case involving the interpretation of section 41(2) of the Income-tax Act, 1961. The dispute centered on whether items not fully destroyed in a fire but retained by the assessee should be considered in determining profits under the Act. The Court held that the term "destroyed" in the section did not encompass items partially damaged by fire, concluding that such items should be excluded from profit calculation under section 41(2). The judgment favored the assessee, rejecting the Revenue's argument and affirming that partially damaged items should not be included in profit calculations. Case-Laws Income Tax Fri, 08 Aug 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38837