https://www.taxtmi.com/caselaws?id=67751 The Tribunal allowed the appeal in favor of the assessee, overturning the decision of the Commissioner of Income Tax (Appeals) and upholding the claim for business loss incurred during the ordinary course of business. The Tribunal found the loss claimed by the assessee to be genuine and allowable as a business loss, emphasizing the settlement made with the consignee as evidence of the loss. The Tribunal held that the expenditure for settling the loss, even if voluntary, was aimed at promoting business interests and earning profits, making it allowable under Section 37 of the Income Tax Act. en-us Fri, 31 Oct 1980 00:00:00 +0530 Mon, 14 Mar 2011 13:20:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67751 The Tribunal allowed the appeal in favor of the assessee, overturning the decision of the Commissioner of Income Tax (Appeals) and upholding the claim for business loss incurred during the ordinary course of business. The Tribunal found the loss claimed by the assessee to be genuine and allowable as a business loss, emphasizing the settlement made with the consignee as evidence of the loss. The Tribunal held that the expenditure for settling the loss, even if voluntary, was aimed at promoting business interests and earning profits, making it allowable under Section 37 of the Income Tax Act. Case-Laws Income Tax Fri, 31 Oct 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67751