https://www.taxtmi.com/caselaws?id=22865 Loss on purchase and sale of Government securities was treated as a revenue loss where the securities were acquired in the course of business for commercial expediency. The factual finding accepted by the Tribunal was that the assessee purchased U.P. Land Development Bonds because such dealings were customary and required by business necessity in its transactions with district authorities. Applying the principle that loss from sale of Government bonds bought for business purposes is deductible, the transaction was treated as incidental to the carrying on of the business and therefore allowable as a deduction. en-us Tue, 23 Oct 1990 00:00:00 +0530 Mon, 14 Dec 2009 16:50:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22865 Loss on purchase and sale of Government securities was treated as a revenue loss where the securities were acquired in the course of business for commercial expediency. The factual finding accepted by the Tribunal was that the assessee purchased U.P. Land Development Bonds because such dealings were customary and required by business necessity in its transactions with district authorities. Applying the principle that loss from sale of Government bonds bought for business purposes is deductible, the transaction was treated as incidental to the carrying on of the business and therefore allowable as a deduction. Case-Laws Income Tax Tue, 23 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22865