https://www.taxtmi.com/caselaws?id=71318 An ad hoc disallowance from business loss was held unsustainable because the books showed no specific bogus or non-genuine expenditure and no concrete defect was found in the regularly maintained records; the deletion of the disallowance was upheld. The character of loss on sale and later acquisition of land depended on whether the land was stock-in-trade or investment. Applying the principle that a mere intention to resell at a profit, or a solitary land transaction, does not by itself amount to an adventure in the nature of trade, the land was treated as investment and the resulting loss as capital loss, not business loss. en-us Fri, 14 Mar 2008 00:00:00 +0530 Tue, 25 Jun 2024 14:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71318 An ad hoc disallowance from business loss was held unsustainable because the books showed no specific bogus or non-genuine expenditure and no concrete defect was found in the regularly maintained records; the deletion of the disallowance was upheld. The character of loss on sale and later acquisition of land depended on whether the land was stock-in-trade or investment. Applying the principle that a mere intention to resell at a profit, or a solitary land transaction, does not by itself amount to an adventure in the nature of trade, the land was treated as investment and the resulting loss as capital loss, not business loss. Case-Laws Income Tax Fri, 14 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71318