Sec. 32(1)(iii) of the Income-tax Act, 1961-Meaning of "actually written off"-Clarification regarding

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..... any building, machinery, plant or furniture which is sold, discarded, demolished or destroyed in the previous year (other than the previous year in which it is first brought into use), the amount by which the monies payable in respect of such building, machinery, plant or furniture, together with the amount of scrap value, if any, falls short of the written down value thereof. This deduction is t .....

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..... rite off an amount equal to the terminal allowance he is entitled to under the provisions of section 32(1)(iii) of the Income-tax Act, 1961, and deduction as permissible under the said section may be allowed. 3. The contents of this circular may please be brought to the notice of all officers in your charge. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Manageme .....

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