https://www.taxtmi.com/caselaws?id=328549 The Revenue's appeal against the deletion of disallowance of Rs. 1,12,38,236/- as a business loss on the sale of repossessed assets was dismissed. The Tribunal upheld the CIT(A)'s decision, ruling that the loss was a business expense, not a capital loss, based on precedents and the ordinary commercial meaning of "profits and gains of business or profession." The assessee was allowed the deduction, and the Revenue's appeal was rejected. en-us Thu, 02 Jun 2016 00:00:00 +0530 Mon, 06 Jun 2016 11:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328549 The Revenue's appeal against the deletion of disallowance of Rs. 1,12,38,236/- as a business loss on the sale of repossessed assets was dismissed. The Tribunal upheld the CIT(A)'s decision, ruling that the loss was a business expense, not a capital loss, based on precedents and the ordinary commercial meaning of "profits and gains of business or profession." The assessee was allowed the deduction, and the Revenue's appeal was rejected. Case-Laws Income Tax Thu, 02 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328549