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of <h1>Appeal Upheld: Loss Allowance on Discounting Chits Allowed</h1> The appeal for the asst. yr. 1987-88 regarding the allowance of loss on discounting chits was allowed by the CIT(A) and upheld by the Tribunal, following ... - The appeal was filed for the asst. yr. 1987-88 regarding the allowance of loss incurred on discounting chits. The CIT(A) allowed the loss as it was sustained during the course of business activities. The Tribunal dismissed the appeal, following the decision of the Andhra Pradesh High Court in favor of the assessee.
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