https://www.taxtmi.com/caselaws?id=351918 The Tribunal confirmed the CIT(A)'s order, allowing Bid Loss incurred by a subscriber to a chit in full in the year of auction. The Tribunal relied on judicial precedents and held that the loss is a business loss for the year it occurred. Additionally, the Tribunal determined that the assessee's income should be computed under the mercantile system of accounting, dismissing the Revenue's appeal and upholding the CIT(A)'s decision. en-us Tue, 28 Nov 2017 00:00:00 +0530 Mon, 04 Dec 2017 08:14:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351918 The Tribunal confirmed the CIT(A)'s order, allowing Bid Loss incurred by a subscriber to a chit in full in the year of auction. The Tribunal relied on judicial precedents and held that the loss is a business loss for the year it occurred. Additionally, the Tribunal determined that the assessee's income should be computed under the mercantile system of accounting, dismissing the Revenue's appeal and upholding the CIT(A)'s decision. Case-Laws Income Tax Tue, 28 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351918