https://www.taxtmi.com/caselaws?id=24167 The High Court of Punjab and Haryana ruled on the deductibility of a loss incurred in a chit fund by an assessee firm for the assessment year 1980-81. The court determined that the chit fund transactions did not generate assessable income or revenue loss eligible for deduction under section 80P(2)(a)(i). The court held in favor of the Revenue and against the assessee, with no costs awarded. en-us Tue, 04 Apr 1989 00:00:00 +0530 Mon, 18 Jan 2010 11:27:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24167 The High Court of Punjab and Haryana ruled on the deductibility of a loss incurred in a chit fund by an assessee firm for the assessment year 1980-81. The court determined that the chit fund transactions did not generate assessable income or revenue loss eligible for deduction under section 80P(2)(a)(i). The court held in favor of the Revenue and against the assessee, with no costs awarded. Case-Laws Income Tax Tue, 04 Apr 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24167