https://www.taxtmi.com/caselaws?id=447667 Delhi HC held that loss from goods destroyed by fire constituted deductible revenue loss where assessee was trading in those goods. The Tribunal correctly found the AO's addition unsustainable as the fire-damaged goods were part of trading stock, making the loss revenue in nature rather than capital. The department failed to contest the fire incident or related findings before the Tribunal. No substantial question of law arose for consideration, affirming the Tribunal's decision allowing the deduction. en-us Tue, 05 Dec 2023 00:00:00 +0530 Tue, 02 Jan 2024 10:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447667 Delhi HC held that loss from goods destroyed by fire constituted deductible revenue loss where assessee was trading in those goods. The Tribunal correctly found the AO's addition unsustainable as the fire-damaged goods were part of trading stock, making the loss revenue in nature rather than capital. The department failed to contest the fire incident or related findings before the Tribunal. No substantial question of law arose for consideration, affirming the Tribunal's decision allowing the deduction. Case-Laws Income Tax Tue, 05 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447667