https://www.taxtmi.com/caselaws?id=64718 Loss incurred on discounting chits was held allowable as a business loss because the amounts obtained through the chits were used for business purposes and the loss was sustained in the course of business. As the factual findings supporting business use were not displaced, the claim was admissible and the disallowance was rejected. Where two views were possible, the view favourable to the assessee was applied. en-us Wed, 10 Jul 1991 00:00:00 +0530 Wed, 09 Feb 2011 14:56:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64718 Loss incurred on discounting chits was held allowable as a business loss because the amounts obtained through the chits were used for business purposes and the loss was sustained in the course of business. As the factual findings supporting business use were not displaced, the claim was admissible and the disallowance was rejected. Where two views were possible, the view favourable to the assessee was applied. Case-Laws Income Tax Wed, 10 Jul 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64718