TaxTMI 
TaxTMI 
1975 (8) TMI 13
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....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, the relevant accounting period ending on ....
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....ere 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 the insurers to the assessee in respect of....
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....eads 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 scrap value, if any, exceed the written down valu....