1999 (3) TMI 28 - HC - Income Tax

Summary

The High Court of Madras ruled that the assessee, a soft drink manufacturer, could not claim the value of bottles as a business loss but should have treated them as a capital asset for depreciation. The Tribunal's decision allowing the loss as a business loss was incorrect. The assessee can now claim depreciation under section 32 of the Income-tax Act for the bottles.