https://www.taxtmi.com/caselaws?id=70254 The Tribunal allowed the appeal, ruling in favor of the assessee and directing the deduction of the claimed loss amount of Rs. 20,37,848 for the assessment year 1978-79. The Tribunal found that the bottles had become unusable in the business, and events subsequent to the accounting year end did not affect the sustenance of the loss. The Tribunal rejected the argument that the claim should be treated as a capital loss, emphasizing the historical treatment of bottle replacements as revenue expenses. The IAC (Assessment) was directed to modify the assessment accordingly. en-us Mon, 23 Jul 1984 00:00:00 +0530 Fri, 15 Apr 2011 10:47:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70254 The Tribunal allowed the appeal, ruling in favor of the assessee and directing the deduction of the claimed loss amount of Rs. 20,37,848 for the assessment year 1978-79. The Tribunal found that the bottles had become unusable in the business, and events subsequent to the accounting year end did not affect the sustenance of the loss. The Tribunal rejected the argument that the claim should be treated as a capital loss, emphasizing the historical treatment of bottle replacements as revenue expenses. The IAC (Assessment) was directed to modify the assessment accordingly. Case-Laws Income Tax Mon, 23 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70254