https://www.taxtmi.com/caselaws?id=375103 The High Court of Bombay upheld the Income Tax Appellate Tribunal's decision in favor of the respondent assessee for Assessment Year 2001-02. The Tribunal found that the business loss claimed by the assessee due to a corporate guarantee provided in the ordinary course of business was genuine and legitimate. The High Court affirmed the Tribunal's ruling, emphasizing the importance of reviewing a company's constitutional documents to ascertain the validity of claimed losses related to its ordinary business activities. The tax appeal by the Revenue was dismissed, highlighting the necessity of factual analysis to support business loss claims. en-us Mon, 04 Feb 2019 00:00:00 +0530 Thu, 14 Feb 2019 06:21:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375103 The High Court of Bombay upheld the Income Tax Appellate Tribunal's decision in favor of the respondent assessee for Assessment Year 2001-02. The Tribunal found that the business loss claimed by the assessee due to a corporate guarantee provided in the ordinary course of business was genuine and legitimate. The High Court affirmed the Tribunal's ruling, emphasizing the importance of reviewing a company's constitutional documents to ascertain the validity of claimed losses related to its ordinary business activities. The tax appeal by the Revenue was dismissed, highlighting the necessity of factual analysis to support business loss claims. Case-Laws Income Tax Mon, 04 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375103