https://www.taxtmi.com/caselaws?id=64997 The Tribunal allowed the appeal, overturning lower authorities' decisions and instructing the Assessing Officer to allow the assessee's claim for interest loss on chits. It found the loss to be a legitimate business expense, distinguishing the case from Soda Silicate & Chemical Works, and upheld the relevance of CBDT Circulars and Instructions. The Tribunal determined that the principle of mutuality did not apply to the chit fund business of the private limited company, affirming that the loss incurred was allowable as a business expenditure. en-us Mon, 10 Feb 1997 00:00:00 +0530 Fri, 11 Feb 2011 15:41:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64997 The Tribunal allowed the appeal, overturning lower authorities' decisions and instructing the Assessing Officer to allow the assessee's claim for interest loss on chits. It found the loss to be a legitimate business expense, distinguishing the case from Soda Silicate & Chemical Works, and upheld the relevance of CBDT Circulars and Instructions. The Tribunal determined that the principle of mutuality did not apply to the chit fund business of the private limited company, affirming that the loss incurred was allowable as a business expenditure. Case-Laws Income Tax Mon, 10 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64997