https://www.taxtmi.com/caselaws?id=63521 The Tribunal held that the claimed amount of Rs. 2,29,990 was not allowable as a trading loss in the relevant year. The decision was based on the finding that the partners of the assessee-firm and the shareholders of the debtor company were the same individuals, indicating that the loss arose from advances made to themselves rather than from genuine trading activities. The Tribunal also determined that the advances made were capital in nature, as they were used for establishing a factory and provided enduring benefits, rather than being incidental to the assessee's business. The appeal by the revenue challenging the allowance of the trading loss was allowed. en-us Thu, 31 Dec 1981 00:00:00 +0530 Mon, 31 Jan 2011 14:52:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63521 The Tribunal held that the claimed amount of Rs. 2,29,990 was not allowable as a trading loss in the relevant year. The decision was based on the finding that the partners of the assessee-firm and the shareholders of the debtor company were the same individuals, indicating that the loss arose from advances made to themselves rather than from genuine trading activities. The Tribunal also determined that the advances made were capital in nature, as they were used for establishing a factory and provided enduring benefits, rather than being incidental to the assessee's business. The appeal by the revenue challenging the allowance of the trading loss was allowed. Case-Laws Income Tax Thu, 31 Dec 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63521