https://www.taxtmi.com/caselaws?id=216032 The Bombay HC held in favor of a stock and share broker who claimed deduction for Rs.44.98 lacs as business loss after disallowance of bad debt on vatav kasar. The court ruled that even if bad debt conditions under relevant provisions were not satisfied, the amount should be allowed as business loss in computing profits and gains under section 28. Following the SC precedent in Badridas Daga v CIT, the HC emphasized that business profits mean net earnings after deducting legitimate business expenses and losses. The Tribunal was directed to consider the assessee's claim for deduction as business loss incurred during share broking operations. en-us Tue, 14 Aug 2012 00:00:00 +0530 Wed, 18 Jun 2025 08:45:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216032 The Bombay HC held in favor of a stock and share broker who claimed deduction for Rs.44.98 lacs as business loss after disallowance of bad debt on vatav kasar. The court ruled that even if bad debt conditions under relevant provisions were not satisfied, the amount should be allowed as business loss in computing profits and gains under section 28. Following the SC precedent in Badridas Daga v CIT, the HC emphasized that business profits mean net earnings after deducting legitimate business expenses and losses. The Tribunal was directed to consider the assessee's claim for deduction as business loss incurred during share broking operations. Case-Laws Income Tax Tue, 14 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216032