https://www.taxtmi.com/caselaws?id=384382 The Court ruled in favor of the Assessee, allowing the deduction of Rs. 2 lakhs for business loss in the computation of income for the relevant assessment year. The Court found that the Assessee had sufficiently substantiated the payment made towards the stock shortage, despite the lack of detailed documentation due to a fire incident at the company's premises. The Court considered the Assessee's contractual obligation to bear the loss and disregarded the Revenue's argument regarding previous deductions for stock shortage in different assessment years. en-us Mon, 05 Aug 2019 00:00:00 +0530 Sat, 10 Aug 2019 06:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384382 The Court ruled in favor of the Assessee, allowing the deduction of Rs. 2 lakhs for business loss in the computation of income for the relevant assessment year. The Court found that the Assessee had sufficiently substantiated the payment made towards the stock shortage, despite the lack of detailed documentation due to a fire incident at the company's premises. The Court considered the Assessee's contractual obligation to bear the loss and disregarded the Revenue's argument regarding previous deductions for stock shortage in different assessment years. Case-Laws Income Tax Mon, 05 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384382