https://www.taxtmi.com/caselaws?id=8760 The High Court held that the irrecoverable advance amount was not deductible as a business loss under section 28 of the Income-tax Act, 1961. The Court determined the loss suffered was a capital loss, not a revenue loss, emphasizing the nature of the advance as a capital investment. The company's primary business activity of film distribution, not money-lending, led to the denial of the deduction. The judgment distinguished between revenue and capital losses, ultimately ruling against the company and in favor of the revenue authorities. en-us Tue, 25 Jul 1972 00:00:00 +0530 Wed, 03 Jun 2009 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8760 The High Court held that the irrecoverable advance amount was not deductible as a business loss under section 28 of the Income-tax Act, 1961. The Court determined the loss suffered was a capital loss, not a revenue loss, emphasizing the nature of the advance as a capital investment. The company's primary business activity of film distribution, not money-lending, led to the denial of the deduction. The judgment distinguished between revenue and capital losses, ultimately ruling against the company and in favor of the revenue authorities. Case-Laws Income Tax Tue, 25 Jul 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8760