https://www.taxtmi.com/caselaws?id=21169 The High Court ruled against the assessee, stating that the Income-tax Appellate Tribunal incorrectly applied section 41(1) of the Income-tax Act, 1961, to allow the claimed loss. The Tribunal failed to establish the necessary factual conditions for invoking the legal fiction under section 41(1) regarding the continuation of the business during the relevant assessment year. The High Court emphasized the importance of proving basic facts for legal fictions and concluded in favor of the Revenue, denying the allowance of the claimed loss. en-us Wed, 29 Jul 1992 00:00:00 +0530 Fri, 20 Nov 2009 15:18:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21169 The High Court ruled against the assessee, stating that the Income-tax Appellate Tribunal incorrectly applied section 41(1) of the Income-tax Act, 1961, to allow the claimed loss. The Tribunal failed to establish the necessary factual conditions for invoking the legal fiction under section 41(1) regarding the continuation of the business during the relevant assessment year. The High Court emphasized the importance of proving basic facts for legal fictions and concluded in favor of the Revenue, denying the allowance of the claimed loss. Case-Laws Income Tax Wed, 29 Jul 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21169