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of <h1>High Court allows business loss claim on securities sale, citing precedents and business expediency.</h1> <h3>Additional Commissioner Of Income-Tax Versus Upper Doab Sugar Mills</h3> The High Court of Allahabad ruled in favor of the assessee in a case involving the purchase and sale of securities for business purposes. The Tribunal ... Business Loss The High Court of Allahabad ruled in favor of the assessee in a case involving the purchase and sale of securities for business purposes. The Tribunal allowed the claim of loss on sale of securities as a revenue loss incidental to the business. The court cited previous cases and business expediency as reasons for its decision. All three questions were answered in favor of the assessee.
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