https://www.taxtmi.com/caselaws?id=387576 The ITAT allowed the appeals of the assessee in the case, directing the AO to allow the claimed amounts as business losses. The ITAT held that the losses incurred, including those due to misappropriation of funds by a director and an arbitration award, were in the course of business activities. This decision overturned the disallowances made by the lower authorities, emphasizing the business nature of the losses and citing relevant legal precedents in support of their ruling. en-us Fri, 06 Sep 2019 00:00:00 +0530 Fri, 25 Oct 2019 15:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387576 The ITAT allowed the appeals of the assessee in the case, directing the AO to allow the claimed amounts as business losses. The ITAT held that the losses incurred, including those due to misappropriation of funds by a director and an arbitration award, were in the course of business activities. This decision overturned the disallowances made by the lower authorities, emphasizing the business nature of the losses and citing relevant legal precedents in support of their ruling. Case-Laws Income Tax Fri, 06 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387576