https://www.taxtmi.com/caselaws?id=37434 The High Court upheld the Tribunal's decision, allowing the deduction of Rs. 1,86,000 as a trading loss for the assessment year 1963-64. The advances to Palanpur Co. were deemed part of the assessee's business activities as managing agents, irrespective of changes in management. The absence of security did not impact the deduction claim, as it was customary for managing agents to provide financial support. The court ruled in favor of the assessee, affirming that the outstanding amount in Palanpur Co.'s account qualified as a deductible trading loss. en-us Fri, 17 Dec 1976 00:00:00 +0530 Mon, 29 Mar 2010 16:12:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37434 The High Court upheld the Tribunal's decision, allowing the deduction of Rs. 1,86,000 as a trading loss for the assessment year 1963-64. The advances to Palanpur Co. were deemed part of the assessee's business activities as managing agents, irrespective of changes in management. The absence of security did not impact the deduction claim, as it was customary for managing agents to provide financial support. The court ruled in favor of the assessee, affirming that the outstanding amount in Palanpur Co.'s account qualified as a deductible trading loss. Case-Laws Income Tax Fri, 17 Dec 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37434