https://www.taxtmi.com/caselaws?id=23518 The High Court of Madras ruled in favor of the Revenue, denying the assessee's claim for loss allowance under section 32(1)(iii) of the Income-tax Act, 1961. The court held that the assessee, a highway contractor, failed to maintain proper books of account, and a profit and loss account alone could not suffice as a book of account for claiming deductions. Emphasizing the necessity of writing off the loss in the books of account, the court highlighted the importance of substantial compliance with statutory provisions. The judgment underscored the significance of meeting all conditions for claiming deductions, ultimately rejecting the assessee's claim for relief. en-us Tue, 23 Jan 1990 00:00:00 +0530 Mon, 21 Dec 2009 15:31:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23518 The High Court of Madras ruled in favor of the Revenue, denying the assessee's claim for loss allowance under section 32(1)(iii) of the Income-tax Act, 1961. The court held that the assessee, a highway contractor, failed to maintain proper books of account, and a profit and loss account alone could not suffice as a book of account for claiming deductions. Emphasizing the necessity of writing off the loss in the books of account, the court highlighted the importance of substantial compliance with statutory provisions. The judgment underscored the significance of meeting all conditions for claiming deductions, ultimately rejecting the assessee's claim for relief. Case-Laws Income Tax Tue, 23 Jan 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23518