https://www.taxtmi.com/caselaws?id=37594 The High Court held that the loss claimed by the assessee was genuine, occurred in the course of business, and should be allowed as a deduction. The court disagreed with the Tribunal's reasoning that the loss was not "actual and present" for the relevant year due to the pending suit, ruling in favor of the assessee. Judges C. K. Banerjee and Dipak Kumar Sen concurred with the decision in favor of the assessee. en-us Fri, 15 Sep 1978 00:00:00 +0530 Tue, 30 Mar 2010 17:45:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37594 The High Court held that the loss claimed by the assessee was genuine, occurred in the course of business, and should be allowed as a deduction. The court disagreed with the Tribunal's reasoning that the loss was not "actual and present" for the relevant year due to the pending suit, ruling in favor of the assessee. Judges C. K. Banerjee and Dipak Kumar Sen concurred with the decision in favor of the assessee. Case-Laws Income Tax Fri, 15 Sep 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37594