https://www.taxtmi.com/caselaws?id=151558 The Tribunal allowed the appeal of the assessee, holding that the disallowance of Rs. 10,68,000 written off as irrecoverable from deposits made with the Calcutta Stock Exchange was unjustified. The Tribunal found that the deposits were made for business purposes related to stock broking and trading, and the financial crisis at the exchange led to the non-recovery of the amount. Relying on precedents and commercial principles, the Tribunal concluded that the assessee incurred a business loss eligible for deduction under section 28(1) of the Income-tax Act, 1961. The decision overturned the lower authorities' rulings and deleted the addition. en-us Fri, 05 Feb 2010 00:00:00 +0530 Fri, 07 Jun 2013 14:40:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=151558 The Tribunal allowed the appeal of the assessee, holding that the disallowance of Rs. 10,68,000 written off as irrecoverable from deposits made with the Calcutta Stock Exchange was unjustified. The Tribunal found that the deposits were made for business purposes related to stock broking and trading, and the financial crisis at the exchange led to the non-recovery of the amount. Relying on precedents and commercial principles, the Tribunal concluded that the assessee incurred a business loss eligible for deduction under section 28(1) of the Income-tax Act, 1961. The decision overturned the lower authorities' rulings and deleted the addition. Case-Laws Income Tax Fri, 05 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=151558