1992 (11) TMI 5 - HC - Income Tax

Summary

The High Court of Bombay ruled that the assessee was not entitled to a deduction of Rs. 17,640 for the loss on demolition and sale of hutments and a labor camp. The deduction was disallowed under section 32(1)(iii) of the Income-tax Act, 1961. The court upheld the decision of the income-tax authorities and dismissed the appeal.