https://www.taxtmi.com/caselaws?id=472335 Business-loss deductibility for loss on assignment of an inter-corporate debt under Sections 28 and 37(1) depends on the bona fide commercial character of the lending and assignment. Further substantial advances despite the borrower's known financial deterioration and interest-payment default, together with the circumstances of the assignment and entities connected with the assignee, supported a finding that the transaction lacked bona fides. The resulting assignment loss was therefore not allowable as a business loss, with no perversity or legal error in the concurrent factual findings. en-us Fri, 27 Jun 2014 00:00:00 +0530 Thu, 08 Oct 2026 10:14:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=472335 Business-loss deductibility for loss on assignment of an inter-corporate debt under Sections 28 and 37(1) depends on the bona fide commercial character of the lending and assignment. Further substantial advances despite the borrower's known financial deterioration and interest-payment default, together with the circumstances of the assignment and entities connected with the assignee, supported a finding that the transaction lacked bona fides. The resulting assignment loss was therefore not allowable as a business loss, with no perversity or legal error in the concurrent factual findings. Case-Laws Income Tax Fri, 27 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=472335