TMI Blog1981 (8) TMI 103X X X X Extracts X X X X X X X X Extracts X X X X ..... ery parts'. 'loss on sale of fixed assets', 'loss on loose tools', 'profit on sales of assets and capital profit set off'. The assessee had two units known as cotton tape factory and garment factory. The ITO stated that the assessee had dis-continued its business cotton tape factory and therefore, loss arising out of the sale of fixed assets and demolition and discarding was not an admissible expe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year, the company had submitted tenders to DGS D and some orders were also received during the year. There were purchases and sales of material and finished goods during the year under assessment and, therefore the claim for loss under s. 32(1)(iii) was allowable. The Tribunal by its order in ITA No. 4000 (Cal) of 1975-76 had observed that the main grievance in this appeal was against the disall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... immediately preceding year, i.e. 1968-69 wherein it has been mentioned that the assessee's business had been closed during the year relevant to the accounting year so that the assessee could not have carried on any business during the accounting year relevant to the present assessment year which followed thereafter. We are afraid this argument does not carry weight. The Tribunal itself had allowed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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