https://www.taxtmi.com/caselaws?id=66751 The Tribunal partially allowed the appeal, granting the deduction of Rs. 22,193 in the computation of the assessee's income for the relevant year. The Tribunal found that the loss claimed was related to a partnership firm and not capital in nature, as contended by the revenue authorities. The partnership deed indicated a commission agency business with partners making cash advances, not capital contributions. As the amount was deemed irrecoverable after a court dismissal, the Tribunal allowed the deduction, distinguishing previous rulings cited by the revenue. en-us Sat, 29 May 1982 00:00:00 +0530 Mon, 07 Mar 2011 10:51:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66751 The Tribunal partially allowed the appeal, granting the deduction of Rs. 22,193 in the computation of the assessee's income for the relevant year. The Tribunal found that the loss claimed was related to a partnership firm and not capital in nature, as contended by the revenue authorities. The partnership deed indicated a commission agency business with partners making cash advances, not capital contributions. As the amount was deemed irrecoverable after a court dismissal, the Tribunal allowed the deduction, distinguishing previous rulings cited by the revenue. Case-Laws Income Tax Sat, 29 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66751