https://www.taxtmi.com/caselaws?id=18556 The High Court upheld the disallowance of the excess claimed amount for loss of ornaments by a money-lending firm, emphasizing the need for substantiating actual losses for deductions in business expenditures. The Court ruled in favor of the Revenue, highlighting the importance of proving actual expenditure incurred in the business for claim eligibility under section 37 of the Income-tax Act. The firm was only able to prove a loss of Rs. 27,120, not the claimed amount of Rs. 1,32,559, leading to the disallowance of the excess claimed amount. en-us Wed, 31 Jan 1996 00:00:00 +0530 Thu, 01 Oct 2009 15:59:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18556 The High Court upheld the disallowance of the excess claimed amount for loss of ornaments by a money-lending firm, emphasizing the need for substantiating actual losses for deductions in business expenditures. The Court ruled in favor of the Revenue, highlighting the importance of proving actual expenditure incurred in the business for claim eligibility under section 37 of the Income-tax Act. The firm was only able to prove a loss of Rs. 27,120, not the claimed amount of Rs. 1,32,559, leading to the disallowance of the excess claimed amount. Case-Laws Income Tax Wed, 31 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18556