https://www.taxtmi.com/caselaws?id=173287 The Court dismissed the tax case appeal, upholding the decision of the Income Tax Appellate Tribunal to disallow the claim of loss in the chit fund account. It was held that the loss incurred by subscribing to a chit was not allowable as a business loss, as it did not have a direct connection to the appellant's interior decoration business. The Court found no substantial question of law involved in the appeal and affirmed the Tribunal's decision. en-us Wed, 22 Aug 2007 00:00:00 +0530 Fri, 11 Sep 2015 16:49:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173287 The Court dismissed the tax case appeal, upholding the decision of the Income Tax Appellate Tribunal to disallow the claim of loss in the chit fund account. It was held that the loss incurred by subscribing to a chit was not allowable as a business loss, as it did not have a direct connection to the appellant's interior decoration business. The Court found no substantial question of law involved in the appeal and affirmed the Tribunal's decision. Case-Laws Income Tax Wed, 22 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173287