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The High Court of Bombay ruled in favor of the assessee-firm in a case involving a business loss of Rs. 20,000 during the assessment year 1970-71. The Tribunal allowed the loss as incidental to the business operations of the firm, citing a direct nexus between the loss and the business. The court referred to a Supreme Court decision to support its ruling. The question raised by the Commissioner was answered in favor of the assessee, who was also awarded costs of the reference.
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