https://www.taxtmi.com/caselaws?id=26421 The High Court held that the payment made by the assessee was speculative in nature under section 43(5) of the Income-tax Act, 1961. The Court disagreed with the Tribunal's decision, ruling in favor of the Department. Emphasizing the importance of evidence and legal interpretation, the Court concluded that the payment constituted speculative loss, not allowable as a trading liability. The High Court's decision supported the Department's position, answering both questions in the negative. en-us Fri, 18 Oct 1985 00:00:00 +0530 Thu, 04 Feb 2010 18:28:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26421 The High Court held that the payment made by the assessee was speculative in nature under section 43(5) of the Income-tax Act, 1961. The Court disagreed with the Tribunal's decision, ruling in favor of the Department. Emphasizing the importance of evidence and legal interpretation, the Court concluded that the payment constituted speculative loss, not allowable as a trading liability. The High Court's decision supported the Department's position, answering both questions in the negative. Case-Laws Income Tax Fri, 18 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26421