https://www.taxtmi.com/caselaws?id=28206 The High Court upheld the Tribunal's decision that a loss of Rs. 1,68,487 incurred by a registered firm in the ice cream business was a business loss deductible under section 28(i) of the Income-tax Act, 1961. The Court confirmed that the loss was of a revenue nature, not capital, and was correctly claimed in the assessment year 1965-66. The Court ruled in favor of the assessee, directing the Commissioner to pay the costs of the reference. en-us Thu, 16 Apr 1981 00:00:00 +0530 Fri, 19 Feb 2010 16:45:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28206 The High Court upheld the Tribunal's decision that a loss of Rs. 1,68,487 incurred by a registered firm in the ice cream business was a business loss deductible under section 28(i) of the Income-tax Act, 1961. The Court confirmed that the loss was of a revenue nature, not capital, and was correctly claimed in the assessment year 1965-66. The Court ruled in favor of the assessee, directing the Commissioner to pay the costs of the reference. Case-Laws Income Tax Thu, 16 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28206