https://www.taxtmi.com/caselaws?id=27045 The court allowed the sum of Rs. 60,000 as a business loss incurred by a sugar manufacturer due to irrecoverable advances made to an employees' co-operative store. The court upheld the decision that the loss should be treated as a business loss sustained during the year it was found irrecoverable, emphasizing it was necessary for business purposes. The court also ruled that the loss could be claimed during the assessment year in question, as it was deemed irrecoverable only in that specific year. Additionally, the court determined that the loss should be classified as a business loss rather than a capital loss, dismissing the Revenue's argument to the contrary. en-us Tue, 26 Feb 1985 00:00:00 +0530 Wed, 10 Feb 2010 13:52:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27045 The court allowed the sum of Rs. 60,000 as a business loss incurred by a sugar manufacturer due to irrecoverable advances made to an employees' co-operative store. The court upheld the decision that the loss should be treated as a business loss sustained during the year it was found irrecoverable, emphasizing it was necessary for business purposes. The court also ruled that the loss could be claimed during the assessment year in question, as it was deemed irrecoverable only in that specific year. Additionally, the court determined that the loss should be classified as a business loss rather than a capital loss, dismissing the Revenue's argument to the contrary. Case-Laws Income Tax Tue, 26 Feb 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27045