https://www.taxtmi.com/caselaws?id=37575 The High Court of Orissa ruled that the loss of Rs. 27,420 on the sale of Government Loan Bonds by the assessee was a revenue loss, not a capital loss. The Court found a direct nexus between the investment and business expansion in the same year, supporting the classification as a revenue expenditure. The decision was made under section 256(1) of the Income Tax Act of 1961, with judges N. K. DAS and R. N. MISHRA concurring. No costs were ordered due to the assessee's absence during the hearing. en-us Fri, 28 Nov 1975 00:00:00 +0530 Tue, 30 Mar 2010 16:31:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37575 The High Court of Orissa ruled that the loss of Rs. 27,420 on the sale of Government Loan Bonds by the assessee was a revenue loss, not a capital loss. The Court found a direct nexus between the investment and business expansion in the same year, supporting the classification as a revenue expenditure. The decision was made under section 256(1) of the Income Tax Act of 1961, with judges N. K. DAS and R. N. MISHRA concurring. No costs were ordered due to the assessee's absence during the hearing. Case-Laws Income Tax Fri, 28 Nov 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37575