https://www.taxtmi.com/caselaws?id=29507 The court held in favor of the assessee, allowing the loss incurred to be deducted in computing income for the assessment year 1971-72. The court found that the chits were entered into for business purposes, and the bid amounts were utilized for the business, supporting the allowance of the loss as a business deduction. en-us Thu, 24 Jan 1980 00:00:00 +0530 Sat, 13 Mar 2010 13:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29507 The court held in favor of the assessee, allowing the loss incurred to be deducted in computing income for the assessment year 1971-72. The court found that the chits were entered into for business purposes, and the bid amounts were utilized for the business, supporting the allowance of the loss as a business deduction. Case-Laws Income Tax Thu, 24 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29507