https://www.taxtmi.com/caselaws?id=119027 The Tribunal allowed the appeal, permitting the deduction of Rs. 18,10,007 as a business loss. It was found that the loss was directly connected to the assessee's business activity and not merely incidental. Additionally, the amount did not constitute a taxable benefit under section 28(iv), and the Explanation to section 37(1) was deemed inapplicable. en-us Fri, 13 May 2005 00:00:00 +0530 Sat, 07 Jul 2012 15:07:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119027 The Tribunal allowed the appeal, permitting the deduction of Rs. 18,10,007 as a business loss. It was found that the loss was directly connected to the assessee's business activity and not merely incidental. Additionally, the amount did not constitute a taxable benefit under section 28(iv), and the Explanation to section 37(1) was deemed inapplicable. Case-Laws Income Tax Fri, 13 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119027