https://www.taxtmi.com/caselaws?id=39757 An advance made to an under-broker in the ordinary course of a brokerage business was treated as a trading loss when it became irrecoverable on the under-broker's death. The amount was not claimed as brokerage expenditure under the cash system, but as a business loss incidental to the assessee's commercial operations. The finding that the advance was made from commercial expediency and arose in the course of business made the write-off deductible under section 10(1) of the Indian Income-tax Act, 1922. en-us Fri, 14 Jun 1974 00:00:00 +0530 Tue, 20 Apr 2010 11:23:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39757 An advance made to an under-broker in the ordinary course of a brokerage business was treated as a trading loss when it became irrecoverable on the under-broker's death. The amount was not claimed as brokerage expenditure under the cash system, but as a business loss incidental to the assessee's commercial operations. The finding that the advance was made from commercial expediency and arose in the course of business made the write-off deductible under section 10(1) of the Indian Income-tax Act, 1922. Case-Laws Income Tax Fri, 14 Jun 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39757