https://www.taxtmi.com/caselaws?id=11917 The High Court held that the assessee, a firm in a consortium with another entity, was entitled to a deduction of Rs. 51,18,950 as a trading loss in the relevant assessment year. The court found that the loss occurred during the previous year, was directly related to business operations, and was not contingent. The court emphasized that subsequent events, including a C.B.I. report, did not impact the assessee's right to claim the loss. The court ruled in favor of the assessee against the Revenue, allowing the deduction for the trading loss. en-us Wed, 18 Sep 2002 00:00:00 +0530 Thu, 11 Feb 2010 16:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11917 The High Court held that the assessee, a firm in a consortium with another entity, was entitled to a deduction of Rs. 51,18,950 as a trading loss in the relevant assessment year. The court found that the loss occurred during the previous year, was directly related to business operations, and was not contingent. The court emphasized that subsequent events, including a C.B.I. report, did not impact the assessee's right to claim the loss. The court ruled in favor of the assessee against the Revenue, allowing the deduction for the trading loss. Case-Laws Income Tax Wed, 18 Sep 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11917