Tax Deduction Denied for Chit Discount Without Proof of Business Use; Limited to Net Amount of Discount and Dividend.

Tax Deduction Denied for Chit Discount Without Proof of Business Use; Limited to Net Amount of Discount and Dividend. https://www.taxtmi.com/highlights?id=49409 Deduction as loss on Chit - Even if the assessee is not able to establish that the money raised through chit was used for business purpose then also, disallowance should be of net amount of chit discount (-) chit dividend and not of gross amount of chit discount. en-us Mon, 23 Sep 2019 07:22:04 +0530 Mon, 23 Sep 2019 07:22:04 +0530 TaxTMI RSS Generator Tax Deduction Denied for Chit Discount Without Proof of Business Use; Limited to Net Amount of Discount and Dividend. https://www.taxtmi.com/highlights?id=49409 Deduction as loss on Chit - Even if the assessee is not able to establish that the money raised through chit was used for business purpose then also, disallowance should be of net amount of chit discount (-) chit dividend and not of gross amount of chit discount. Highlights Income Tax Mon, 23 Sep 2019 07:22:04 +0530 https://www.taxtmi.com/highlights?id=49409