https://www.taxtmi.com/caselaws?id=334710 The Supreme Court allowed the Revenue's appeal, overturning the High Court's decision to delete the addition of licence fee as a business loss. It was revealed that the respondent had transferred the licence before forfeiture, making the loss the responsibility of the transferee, not the original assessee. The Court found that both the Tribunal and the High Court had overlooked this crucial fact, leading to the reversal of their decisions. Consequently, the Assessing Officer's disallowance of the claims was upheld, and the orders in favor of the assessee were overturned in favor of the Revenue. en-us Fri, 29 Jul 2016 00:00:00 +0530 Fri, 18 Nov 2016 13:21:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334710 The Supreme Court allowed the Revenue's appeal, overturning the High Court's decision to delete the addition of licence fee as a business loss. It was revealed that the respondent had transferred the licence before forfeiture, making the loss the responsibility of the transferee, not the original assessee. The Court found that both the Tribunal and the High Court had overlooked this crucial fact, leading to the reversal of their decisions. Consequently, the Assessing Officer's disallowance of the claims was upheld, and the orders in favor of the assessee were overturned in favor of the Revenue. Case-Laws Income Tax Fri, 29 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334710