https://www.taxtmi.com/caselaws?id=11363 The court upheld the Tribunal's decision to allow the sum claimed by the assessee as a trading loss, emphasizing the connection between the payment made and the assessee's business activities. The court dismissed the Revenue's appeal, stating that since the assessee had physical possession of the goods for which the payment was made, it cannot be considered unconnected with its business activities. Therefore, the court affirmed the allowance of the sum as a trading loss in the assessee's trading account, while also requiring the assessee to treat the sale value of the goods as income. en-us Wed, 05 Nov 2003 00:00:00 +0530 Fri, 07 Aug 2009 11:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11363 The court upheld the Tribunal's decision to allow the sum claimed by the assessee as a trading loss, emphasizing the connection between the payment made and the assessee's business activities. The court dismissed the Revenue's appeal, stating that since the assessee had physical possession of the goods for which the payment was made, it cannot be considered unconnected with its business activities. Therefore, the court affirmed the allowance of the sum as a trading loss in the assessee's trading account, while also requiring the assessee to treat the sale value of the goods as income. Case-Laws Income Tax Wed, 05 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11363