https://www.taxtmi.com/caselaws?id=39664 Unrecovered advances to a sub-contractor were not deductible as a business loss because the amount was not shown to have been identifiably incurred in the relevant previous year. The materials showed that advances and recoveries extended beyond the accounting year, and the assessee had not maintained regular books from which a distinct year-wise loss could be ascertained. The claim was therefore rejected both as a business loss and as a deduction, and the estimated income of Rs. 24,604 was upheld. en-us Thu, 19 Jul 1973 00:00:00 +0530 Mon, 19 Apr 2010 15:28:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39664 Unrecovered advances to a sub-contractor were not deductible as a business loss because the amount was not shown to have been identifiably incurred in the relevant previous year. The materials showed that advances and recoveries extended beyond the accounting year, and the assessee had not maintained regular books from which a distinct year-wise loss could be ascertained. The claim was therefore rejected both as a business loss and as a deduction, and the estimated income of Rs. 24,604 was upheld. Case-Laws Income Tax Thu, 19 Jul 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39664