https://www.taxtmi.com/caselaws?id=462404 A loss is deductible only if it arises directly from and is incidental to the business; a diminution in value of shares held as an investment and as a capital asset for maintaining managing agency qualification was not such a loss. The court treated the shares as non-trading assets, so the fall in their value could not be brought into the trading account as a revenue deduction under section 10(1) of the Income-tax Act, 1922. The loss was therefore held to be a capital loss, not an allowable business deduction. en-us Tue, 23 Feb 1965 00:00:00 +0530 Fri, 20 Jun 2025 14:40:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462404 A loss is deductible only if it arises directly from and is incidental to the business; a diminution in value of shares held as an investment and as a capital asset for maintaining managing agency qualification was not such a loss. The court treated the shares as non-trading assets, so the fall in their value could not be brought into the trading account as a revenue deduction under section 10(1) of the Income-tax Act, 1922. The loss was therefore held to be a capital loss, not an allowable business deduction. Case-Laws Income Tax Tue, 23 Feb 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462404