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2002 (8) TMI 60 - MADRAS HIGH COURT"1. Whether, Tribunal is right in law in holding that the terminal allowance under section 32(1)(iii) of the Income-tax Act, 1961, in respect of the demolished building is Rs. 1,60,866 and not Rs. 1,10,867 as computed by the Income-tax Officer? - 2. Whether, Tribunal is right in law in holding that only the actually realised value of the scrap and not the value of the scrap as such, which has to be taken into account in computing the terminal allowance?" - The Tribunal has only taken note of the value of the steel trusses, doors and windows and has not said anything about the correctness or otherwise of the estimate made by the Assessing Officer who had valued the scrap at Rs. 50,000. The Assessing Officer had taken a higher figure as he found that there were a number of items of steel windows and doors with the assessee, even after the building was pulled down. We, therefore, answer the question referred to us in favour of the Revenue and against the assessee.
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