https://www.taxtmi.com/caselaws?id=210070 The High Court held that the amount paid by the assessee to its sister concern was not for business purposes and therefore, the deduction under Section 37 of the Income Tax Act was not allowed. The Tribunal's decision disallowing the claimed trading loss was upheld, ruling against the assessee. The reference was disposed of with costs in favor of the revenue authorities. en-us Tue, 31 May 2011 00:00:00 +0530 Fri, 28 Jun 2013 17:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210070 The High Court held that the amount paid by the assessee to its sister concern was not for business purposes and therefore, the deduction under Section 37 of the Income Tax Act was not allowed. The Tribunal's decision disallowing the claimed trading loss was upheld, ruling against the assessee. The reference was disposed of with costs in favor of the revenue authorities. Case-Laws Income Tax Tue, 31 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210070