https://www.taxtmi.com/caselaws?id=19589 The court allowed the claimed business losses by the assessee for the year 1972-73, holding that the advances made were in the course of money-lending business and not capital in nature. The Appellate Tribunal's decision to allow the losses was upheld, as the advances were considered part of the assessee's film financing business activities. The court emphasized that the losses were incidental to the business and therefore deductible as business losses, distinguishing them from capital losses. The court ruled in favor of the assessee, allowing the claimed losses in the computation of income for the relevant year. en-us Thu, 16 Jun 1994 00:00:00 +0530 Sat, 07 Nov 2009 11:56:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19589 The court allowed the claimed business losses by the assessee for the year 1972-73, holding that the advances made were in the course of money-lending business and not capital in nature. The Appellate Tribunal's decision to allow the losses was upheld, as the advances were considered part of the assessee's film financing business activities. The court emphasized that the losses were incidental to the business and therefore deductible as business losses, distinguishing them from capital losses. The court ruled in favor of the assessee, allowing the claimed losses in the computation of income for the relevant year. Case-Laws Income Tax Thu, 16 Jun 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19589