https://www.taxtmi.com/caselaws?id=61890 The Tribunal allowed the appeal, considering chitty loss as an allowable business expenditure. The decision was based on the principle that if a subscriber incurs a loss in subscribing to a chit fund for business purposes, such a loss is deductible. This ruling aligned with instructions from the Central Board of Direct Taxes and various court judgments, including those of the Kerala High Court and Andhra Pradesh High Court. The Tribunal emphasized that chit fund losses for business purposes are eligible for deduction, contrary to the earlier decision of the Punjab and Haryana High Court disallowing such losses. en-us Mon, 08 Jan 1996 00:00:00 +0530 Sat, 15 Jan 2011 18:29:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61890 The Tribunal allowed the appeal, considering chitty loss as an allowable business expenditure. The decision was based on the principle that if a subscriber incurs a loss in subscribing to a chit fund for business purposes, such a loss is deductible. This ruling aligned with instructions from the Central Board of Direct Taxes and various court judgments, including those of the Kerala High Court and Andhra Pradesh High Court. The Tribunal emphasized that chit fund losses for business purposes are eligible for deduction, contrary to the earlier decision of the Punjab and Haryana High Court disallowing such losses. Case-Laws Income Tax Mon, 08 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61890