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1972 (10) TMI 9 - BOMBAY HIGH COURTWhether the ship can be said to have been used by the assessee for the purposes of its business at any time during the previous year 1956 - Held, no - purchaser committed default in carrying out its obligations under the contract, the repairs so carried out may be useful to the assessee-company while the ship was being used by it for its business. There is no evidence whatever in the present case to indicate that if in case the purchaser committed default in carrying out. his obligations under the contract, the assessee would have used the ship for its business. It may well enter into another contract for its sale. Even during the period between June 15, 1956, and June 23, 1956, when actually delivery was given, it cannot be regarded that the ship was used passively for the purpose of its business
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