https://www.taxtmi.com/caselaws?id=182575 The Tribunal dismissed the Department's appeals for assessment years 1999-2000 and 2000-01, upholding the decisions of the Ld. CIT(A) in both issues. The disallowed claimed loss on account of shortage in stock in trade was allowed as a business loss under section 28 of the Income Tax Act due to the company's consistent policy of writing off lost shares. Additionally, the penalty paid to the Stock Exchange for procedural delays was deemed allowable as revenue expenditure, as it was not a violation of statutory law but due to irregularities. en-us Wed, 28 Sep 2011 00:00:00 +0530 Thu, 21 Sep 2017 10:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182575 The Tribunal dismissed the Department's appeals for assessment years 1999-2000 and 2000-01, upholding the decisions of the Ld. CIT(A) in both issues. The disallowed claimed loss on account of shortage in stock in trade was allowed as a business loss under section 28 of the Income Tax Act due to the company's consistent policy of writing off lost shares. Additionally, the penalty paid to the Stock Exchange for procedural delays was deemed allowable as revenue expenditure, as it was not a violation of statutory law but due to irregularities. Case-Laws Income Tax Wed, 28 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182575