https://www.taxtmi.com/caselaws?id=189719 An arrangement for publishing books was treated as a donation-like support venture, not a true trading transaction, because the assessee agreed to bear a fixed loss while the broader scheme was intended to relieve the Bhavan's initial burden through contributions from friends and well-wishers. On that footing, the claimed loss was not allowable as a trading loss under section 10 of the Income-tax Act, 1922. The alternative claim under section 12 was also rejected, as the Tribunal's refusal to entertain a new plea at the reference stage was neither arbitrary nor injudicious. en-us Fri, 16 Feb 1962 00:00:00 +0530 Wed, 18 Jan 2017 16:07:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189719 An arrangement for publishing books was treated as a donation-like support venture, not a true trading transaction, because the assessee agreed to bear a fixed loss while the broader scheme was intended to relieve the Bhavan's initial burden through contributions from friends and well-wishers. On that footing, the claimed loss was not allowable as a trading loss under section 10 of the Income-tax Act, 1922. The alternative claim under section 12 was also rejected, as the Tribunal's refusal to entertain a new plea at the reference stage was neither arbitrary nor injudicious. Case-Laws Income Tax Fri, 16 Feb 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189719