TMI Blog1933 (7) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... iness as money-lenders in Pyu in the Toungoo District, was assessed for the year 1931-32 upon the profits and gains of the firm in the accounting year 1930-31. By a partnership agreement executed, on 16th July, 1930, the firm was newly constituted, an additional partner being taken into the firm which previously had consisted of five partners. Thereafter the business was carried on by the six part ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... profits in the form of rent accrued therefrom to the assessees. The assessees now claim to be entitled to deduct from the trading profits in the accounting year a sum of ₹ 34,561 as being a trading loss. This sum of ₹ 34,561 represents the estimated loss of the capital value of the immovable property under the valuation to which reference has been made. For the purpose in hand it is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... valuation of the assets of the business having regard to the impending change in the constitution of the firm. Further, no evidence was adduced in respect of the immovable property which is alleged to have decreased in value to the extend of ₹ 34,561 that there was any realized loss of profit during the accounting year or afterwards. In the assessment order a deduction is allowed for the los ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case, was not a trading loss which accrued during the accounting year, but was the estimated depreciation in the value of the assets of the firm based upon a revaluation of such assets made for the purpose, and on the occasion, of the reconstitution of the firm. For these reasons, in my opinion, the answer to the question propounded is in the negative. Costs ten gold mohurs. DAS, J.-- I agr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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