1992 (11) TMI 5

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..... the Tribunal has referred to us the following question of law : " Whether, on the facts and in the circumstances of the case, the assessee was entitled to the deduction of Rs. 17,640 being the loss on demolition and sale of hutments and labour camp at Shrivardhan in its assessment for the accounting period relevant to the assessment year 197273 under the provisions of section 32(1)(iii) of the .....

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..... ss or profession of the assessee in the year of assessment in which it was claimed and the fact that the asset may have been used for the purpose of the business in the earlier years, will not entitle the assessee to the allowance under section 32(1)(iii), if the same was sold or discarded in a subsequent assessment year. The decision of the Bombay High Court in Bharat Line Ltd. v. CIT [1973] 90 I .....

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