https://www.taxtmi.com/caselaws?id=5428 The Supreme Court upheld the Allahabad High Court's decision, ruling that the claimed trading loss by a partnership firm occurred in an earlier accounting year and could not be deducted in a subsequent assessment year. The Court emphasized that the timing of recognizing a trading loss for income tax deduction should align with the year in which the events causing the loss occurred, rather than when the consequences of the loss were felt. As a result, the appeal was dismissed, and no costs were awarded. en-us Tue, 14 Sep 1993 00:00:00 +0530 Mon, 24 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5428 The Supreme Court upheld the Allahabad High Court's decision, ruling that the claimed trading loss by a partnership firm occurred in an earlier accounting year and could not be deducted in a subsequent assessment year. The Court emphasized that the timing of recognizing a trading loss for income tax deduction should align with the year in which the events causing the loss occurred, rather than when the consequences of the loss were felt. As a result, the appeal was dismissed, and no costs were awarded. Case-Laws Income Tax Tue, 14 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5428