https://www.taxtmi.com/caselaws?id=63698 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to allow the capital loss of Rs. 12,322 incurred by a registered firm in chit fund transactions for the assessment year 1986-87. The Tribunal emphasized that the funds received from the chit fund were utilized for business purposes, making the loss deductible under relevant provisions of the Income Tax Act. The decision was supported by a previous Tribunal ruling and a High Court decision on similar matters. Consequently, both the Revenue's appeal and the assessee's cross-objection were dismissed, confirming the allowance of the capital loss. en-us Tue, 30 Jan 1990 00:00:00 +0530 Tue, 01 Feb 2011 14:08:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63698 The Tribunal upheld the Commissioner of Income Tax (Appeals)' decision to allow the capital loss of Rs. 12,322 incurred by a registered firm in chit fund transactions for the assessment year 1986-87. The Tribunal emphasized that the funds received from the chit fund were utilized for business purposes, making the loss deductible under relevant provisions of the Income Tax Act. The decision was supported by a previous Tribunal ruling and a High Court decision on similar matters. Consequently, both the Revenue's appeal and the assessee's cross-objection were dismissed, confirming the allowance of the capital loss. Case-Laws Income Tax Tue, 30 Jan 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63698