https://www.taxtmi.com/caselaws?id=28981 Loss arising from enforcement of a guarantee executed as part of a composite film and show-business activity was treated as a deductible business loss, because guaranteeing loans in the cinema trade was part of the recognised business mode and the loss arose in the ordinary course of that business. The court also held that the guarantee was supported by valid consideration, since it facilitated finance for a film project in which the assessee had a substantial commercial interest. On the facts found, the business had not been discontinued and the rent appropriation toward the borrower's liability remained allowable as business loss. en-us Wed, 16 Sep 1981 00:00:00 +0530 Tue, 09 Mar 2010 11:59:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28981 Loss arising from enforcement of a guarantee executed as part of a composite film and show-business activity was treated as a deductible business loss, because guaranteeing loans in the cinema trade was part of the recognised business mode and the loss arose in the ordinary course of that business. The court also held that the guarantee was supported by valid consideration, since it facilitated finance for a film project in which the assessee had a substantial commercial interest. On the facts found, the business had not been discontinued and the rent appropriation toward the borrower's liability remained allowable as business loss. Case-Laws Income Tax Wed, 16 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28981