https://www.taxtmi.com/caselaws?id=28285 The High Court upheld the Tribunal's decision, determining that the payments made by the assessee to the Dayaram Firm were business losses incidental to the trade and should be classified as revenue losses. The court emphasized the distinction between revenue and capital losses, concluding that the payments, although made under a mistake, would have been deductible as revenue expenditure if made to the correct party. The court clarified that the payments were not business expenditures but allowable business losses, affirming the assessee's position and awarding costs in favor of the assessee. en-us Mon, 30 Mar 1981 00:00:00 +0530 Sat, 20 Feb 2010 11:57:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28285 The High Court upheld the Tribunal's decision, determining that the payments made by the assessee to the Dayaram Firm were business losses incidental to the trade and should be classified as revenue losses. The court emphasized the distinction between revenue and capital losses, concluding that the payments, although made under a mistake, would have been deductible as revenue expenditure if made to the correct party. The court clarified that the payments were not business expenditures but allowable business losses, affirming the assessee's position and awarding costs in favor of the assessee. Case-Laws Income Tax Mon, 30 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28285