https://www.taxtmi.com/caselaws?id=49519 Under section 10(2)(vii) of the Income-tax Act, 1922, a loss on sale of machinery and a motor lorry remained deductible where the business had been carried on for part of the previous year, the assets had been used for the business, the sale took place during the accounting year, and the loss was written off in the books. The provision did not require the business to continue for the whole year or the assets to be used throughout the full accounting period. The Court distinguished the proviso dealing with profits and held that cessation of business before the sale did not defeat deduction of the loss. en-us Tue, 01 Nov 1960 00:00:00 +0530 Mon, 01 Sep 2014 21:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49519 Under section 10(2)(vii) of the Income-tax Act, 1922, a loss on sale of machinery and a motor lorry remained deductible where the business had been carried on for part of the previous year, the assets had been used for the business, the sale took place during the accounting year, and the loss was written off in the books. The provision did not require the business to continue for the whole year or the assets to be used throughout the full accounting period. The Court distinguished the proviso dealing with profits and held that cessation of business before the sale did not defeat deduction of the loss. Case-Laws Income Tax Tue, 01 Nov 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49519