https://www.taxtmi.com/caselaws?id=57130 The Tribunal allowed the assessee's appeal, determining that the loss of Rs. 9,500 incurred from chit fund contributions was a business loss and thus deductible in computing the assessee's business income for the assessment year 1976-77. The Tribunal emphasized the business purpose behind the chit fund subscriptions and the subsequent loss, citing relevant case laws to support its decision. The appeal was allowed, directing the deduction of the loss from the income computed by the Income Tax Officer. en-us Sat, 17 May 1980 00:00:00 +0530 Wed, 08 Dec 2010 15:33:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57130 The Tribunal allowed the assessee's appeal, determining that the loss of Rs. 9,500 incurred from chit fund contributions was a business loss and thus deductible in computing the assessee's business income for the assessment year 1976-77. The Tribunal emphasized the business purpose behind the chit fund subscriptions and the subsequent loss, citing relevant case laws to support its decision. The appeal was allowed, directing the deduction of the loss from the income computed by the Income Tax Officer. Case-Laws Income Tax Sat, 17 May 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57130