9911796707
TMI Blog1990 (1) TMI 119X X X X Extracts X X X X X X X X Extracts X X X X ..... the very outset the learned counsel for the assessee did not elect to press assessee's cross-objection. The same as such stands dismissed. 3. Coming to Revenue's appeal, the main ground pertains to addition of Rs. 12,322 made by the ITO on account of capital loss represented by difference between the contribution made to and the prize money received from chit fund. For the asst. yr. 1986-87 rele ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount of Rs. 12,322. 4. The Revenue felt aggrieved and came before the Tribunal. The learned Departmental Representative though relied on the order of the ITO, was fair enough to say that the issue is covered by a Tribunal's decision in ITA No. 383/Coch/1978-79 dt.8th Jan., 1981and his attempt is only to keep the issue alive. The learned counsel for the assessee placed a photo-copy of the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In the present case as well the funds received by the assessee from the chit fund were utilised for business and whatever loss is suffered, being the difference between the prize money and the total instalment of chit, the same is allowable deduction under s. 37 or under s. 36(1)(iii). In the light of above observations and for reasons given by the CIT(A) in his order, his action is hereby confi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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