https://www.taxtmi.com/caselaws?id=49519 Clause (vii) permits a deduction for the excess of written down value over sale or scrap value where the asset was used for the business in the year, the sale or disposal occurred in the year of account, and the loss was actually written off in the books; these statutory conditions are to be applied strictly. The statutory scheme treats profits and deemed profits differently from losses, and prior authority on deemed profits or non-use is distinguishable. Consequently, part year carrying on of business and cessation during the year do not preclude the deduction provided the statutory conditions are satisfied; the High Court's allowance of the deduction is affirmed. 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 Clause (vii) permits a deduction for the excess of written down value over sale or scrap value where the asset was used for the business in the year, the sale or disposal occurred in the year of account, and the loss was actually written off in the books; these statutory conditions are to be applied strictly. The statutory scheme treats profits and deemed profits differently from losses, and prior authority on deemed profits or non-use is distinguishable. Consequently, part year carrying on of business and cessation during the year do not preclude the deduction provided the statutory conditions are satisfied; the High Court's allowance of the deduction is affirmed. Case-Laws Income Tax Tue, 01 Nov 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49519