https://www.taxtmi.com/caselaws?id=386150 Chit discount or loss claimed as revenue expenditure depends on factual proof that the chit proceeds were actually deployed for business purposes; the additional ledger and bank material was relevant, but had not been independently examined, so the matter was remitted for fresh factual scrutiny. Even if full allowability is not established, the adjustment must be computed on a net basis by setting off chit dividend against chit discount, since both arise from the same chit transactions. The controversy was therefore not finally decided on merits, and the assessee obtained a favourable direction on netting the chit income against the claimed loss. en-us Fri, 20 Sep 2019 00:00:00 +0530 Mon, 23 Sep 2019 07:22:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386150 Chit discount or loss claimed as revenue expenditure depends on factual proof that the chit proceeds were actually deployed for business purposes; the additional ledger and bank material was relevant, but had not been independently examined, so the matter was remitted for fresh factual scrutiny. Even if full allowability is not established, the adjustment must be computed on a net basis by setting off chit dividend against chit discount, since both arise from the same chit transactions. The controversy was therefore not finally decided on merits, and the assessee obtained a favourable direction on netting the chit income against the claimed loss. Case-Laws Income Tax Fri, 20 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386150