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1998 (5) TMI 7 - SUPREME COURT
Deductibility of a sum of Rs. 20 lakhs out of the assessee's profits as sum was given as advance for modernisation of its plants - business of running a cotton mill was not assessee's own, but was only operating the said mill under leave and licence agreement - impugned advance was given not for its own purpose by way of business expenditure, but as capital to the lessor - thus the loss suffered by the assessee was a capital loss and hence, the amount could not be deducted