https://www.taxtmi.com/caselaws?id=36073 The court determined that the sum of Rs. 60,000 paid to Shri Mohan Lal Vyas by a partnership firm was a trading loss allowable in the assessment year 1963-64. The court ruled that the loss occurred when Vyas defaulted on his obligations and the contract became unenforceable, not when the amount was actually paid. The court did not delve into the nature of the loss but focused on the timing, ultimately deciding against the assessee and in favor of the department, awarding costs of Rs. 200. en-us Mon, 07 Jul 1980 00:00:00 +0530 Fri, 19 Mar 2010 11:55:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36073 The court determined that the sum of Rs. 60,000 paid to Shri Mohan Lal Vyas by a partnership firm was a trading loss allowable in the assessment year 1963-64. The court ruled that the loss occurred when Vyas defaulted on his obligations and the contract became unenforceable, not when the amount was actually paid. The court did not delve into the nature of the loss but focused on the timing, ultimately deciding against the assessee and in favor of the department, awarding costs of Rs. 200. Case-Laws Income Tax Mon, 07 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36073