1975 (8) TMI 13

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....ection 256(1) of the Income-tax Act, 1961 : " Whether the Tribunal was right in holding that the items that were not fully destroyed in the fire and which had been retained by the assessee and had not been discarded would not come for consideration in determining the profits under section 41(2) of the Income-tax Act, 1961 ? " The statement of the case relates to the assessment year 1961-62, ....

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....that were not fully destroyed in fire and were retained and not discarded by the assessee, it is unnecessary for us to refer to the other facts which are not at all relevant for our purpose. The Income-tax Officer, after deducting the written down value, determined Rs. 1,76,208 as profit earned by the assessee under section 41(2) of the Income-tax Act, 1961. This amount includes the amount paid by....

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....by his contention. Section 41(2) of the Act reads as follows : " Where any building, machinery, plant or furniture which is owned by the assessee and which was or has been used for the purposes of business or profession is sold, discarded, demolished or destroyed and the monies payable in respect of such building, machinery, plant or furniture, as the case may be, together with the amount of sc....

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.... undo, break up, reduce into a useless form, consume or dissolve. To render useless. To deprive of life ; to kill. To put an and to ; to do away with. To counteract." And in Chambers' Dictionary (1939 Edn.) the meanings ascribed to the word " destroy " are as follows : " To unbuild or pull down ; to overturn ; to ruin ; to put an end to." Therefore, in view of the ordinary meaning of the wor....