The expression "any expenditure" used in section 37 of the Act cover both "expenses incurred" as well as...

The expression "any expenditure" used in section 37 of the Act cover both "expenses incurred" as well as loss even if the "loss" amount had not gone out of the pocket of the assessee - business losses are deductible under section 37(1) of the Act on the basis of ordinary principles of commercial accounting.... - AT .....

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