1987 (10) TMI 37 - HC - Income Tax

Summary

The High Court of Allahabad held that the loss on the sale of U.P. State Development Bonds was allowable as a business loss under sections 28 and 29 of the Income-tax Act, 1961. The Tribunal's decision to allow the deduction of Rs. 11,839 as a revenue loss was upheld based on the connection of the bond purchase to the business activities of the assessee. The judgment was in favor of the opposite party and against the Revenue.