https://www.taxtmi.com/caselaws?id=57958 The Tribunal dismissed the appeal, ruling that the loss of Rs. 1,58,940 due to missing fixed assets was a capital loss and not deductible under sections 32(1)(iii) or 28(i) of the Income-tax Act, 1961. The Commissioner (Appeals) and the Tribunal held that the assets were not discarded, demolished, or destroyed during the relevant year, making section 32(1)(iii) inapplicable. Additionally, the loss was deemed a capital loss related to capital assets, not incidental to the business operations, and therefore not allowable as a business loss under section 28(i). en-us Sat, 07 Jul 1984 00:00:00 +0530 Wed, 15 Dec 2010 16:07:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57958 The Tribunal dismissed the appeal, ruling that the loss of Rs. 1,58,940 due to missing fixed assets was a capital loss and not deductible under sections 32(1)(iii) or 28(i) of the Income-tax Act, 1961. The Commissioner (Appeals) and the Tribunal held that the assets were not discarded, demolished, or destroyed during the relevant year, making section 32(1)(iii) inapplicable. Additionally, the loss was deemed a capital loss related to capital assets, not incidental to the business operations, and therefore not allowable as a business loss under section 28(i). Case-Laws Income Tax Sat, 07 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57958