https://www.taxtmi.com/caselaws?id=49358 The Supreme Court allowed the appeal, ruling in favor of the appellant company, and held that the trading loss amounting to Rs. 42,63,090-14-7 was deductible in computing the company's profits under the Indore Industrial Tax Rules, 1927. The court emphasized that the loss was incidental to the business, arising from sanctioned business operations with legal obligations and proper accounting items. The judgment clarified the criteria for deducting trading losses, emphasizing adherence to commercial practices and legal principles. The High Court's decision disallowing the deduction was overturned, with the appellant being granted costs. en-us Thu, 01 Oct 1964 00:00:00 +0530 Thu, 21 Aug 2014 21:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49358 The Supreme Court allowed the appeal, ruling in favor of the appellant company, and held that the trading loss amounting to Rs. 42,63,090-14-7 was deductible in computing the company's profits under the Indore Industrial Tax Rules, 1927. The court emphasized that the loss was incidental to the business, arising from sanctioned business operations with legal obligations and proper accounting items. The judgment clarified the criteria for deducting trading losses, emphasizing adherence to commercial practices and legal principles. The High Court's decision disallowing the deduction was overturned, with the appellant being granted costs. Case-Laws Income Tax Thu, 01 Oct 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49358