https://www.taxtmi.com/caselaws?id=331178 The court recognized the loss on the sale of an actionable claim as a business loss allowable for the accounting year ending 31st December 1977 (Assessment Year 1978-79). The court deemed the question of whether the loss could be deducted in the subject Assessment Year or the following year as academic and did not provide a definitive answer on this issue. The Reference was disposed of with no order as to costs. en-us Tue, 09 Aug 2016 00:00:00 +0530 Tue, 16 Aug 2016 11:18:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331178 The court recognized the loss on the sale of an actionable claim as a business loss allowable for the accounting year ending 31st December 1977 (Assessment Year 1978-79). The court deemed the question of whether the loss could be deducted in the subject Assessment Year or the following year as academic and did not provide a definitive answer on this issue. The Reference was disposed of with no order as to costs. Case-Laws Income Tax Tue, 09 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331178