https://www.taxtmi.com/caselaws?id=69154 The Tribunal upheld the decision of the Commissioner of Income-tax (Appeals) to treat chit-loss as a deductible business expenditure for the assessment year 1990-91. The Tribunal emphasized the principle of mutuality in chit funds and the applicability of business income or expenditure based on the nature of transactions within the fund. Relying on legal precedents and CBDT instructions, the Tribunal dismissed the Revenue's appeal, affirming that the chit-loss should be considered a business loss. en-us Fri, 25 Oct 2002 00:00:00 +0530 Sat, 24 Mar 2012 12:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69154 The Tribunal upheld the decision of the Commissioner of Income-tax (Appeals) to treat chit-loss as a deductible business expenditure for the assessment year 1990-91. The Tribunal emphasized the principle of mutuality in chit funds and the applicability of business income or expenditure based on the nature of transactions within the fund. Relying on legal precedents and CBDT instructions, the Tribunal dismissed the Revenue's appeal, affirming that the chit-loss should be considered a business loss. Case-Laws Income Tax Fri, 25 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69154