(10)The difference between the written down value and the moneys payable including the scrap value, if any, for any tangible asset in respect of which depreciation is claimed and allowed under sub-section (2), shall be allowed as deduction when—(a)such asset is sold, discarded, demolished or destroyed in the tax year not being the tax year in which it is first put into use;(b)the moneys payable including the scrap value, if any, is less than its written down value; and(c)such deficiency is actually written off in the books of account of the assessee.
