https://www.taxtmi.com/caselaws?id=103340 The Appellate Tribunal ITAT Rajkot allowed the appeal against the disallowance of a business loss due to a short receipt of an insurance claim for the assessment year 1985-86. The Tribunal ruled that the expenditure was revenue in nature, necessary for ongoing business operations and did not create a new asset. As the loss materialized in the relevant year, the Tribunal directed the allowance of Rs. 3,18,311 to the assessee, overturning the lower authorities' decision. en-us Tue, 21 May 2002 00:00:00 +0530 Wed, 22 Feb 2012 14:32:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103340 The Appellate Tribunal ITAT Rajkot allowed the appeal against the disallowance of a business loss due to a short receipt of an insurance claim for the assessment year 1985-86. The Tribunal ruled that the expenditure was revenue in nature, necessary for ongoing business operations and did not create a new asset. As the loss materialized in the relevant year, the Tribunal directed the allowance of Rs. 3,18,311 to the assessee, overturning the lower authorities' decision. Case-Laws Income Tax Tue, 21 May 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103340