https://www.taxtmi.com/caselaws?id=58321 The Appellate Tribunal ITAT BOMBAY-B dismissed the appeal, upholding the Commissioner's decision to deny deductions for cash and bank balances totaling Rs. 3,73,405. The Tribunal ruled that the assessee could not claim deductions not raised during reassessment proceedings before the Income Tax Officer. Additionally, the Tribunal held that the claim for deduction under section 32(1)(iii) for assets taken over by the Government of Yemen was not admissible as there was no compulsory acquisition under domestic law, resulting in the loss being treated as a capital loss. en-us Tue, 18 Feb 1992 00:00:00 +0530 Sat, 18 Dec 2010 14:16:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58321 The Appellate Tribunal ITAT BOMBAY-B dismissed the appeal, upholding the Commissioner's decision to deny deductions for cash and bank balances totaling Rs. 3,73,405. The Tribunal ruled that the assessee could not claim deductions not raised during reassessment proceedings before the Income Tax Officer. Additionally, the Tribunal held that the claim for deduction under section 32(1)(iii) for assets taken over by the Government of Yemen was not admissible as there was no compulsory acquisition under domestic law, resulting in the loss being treated as a capital loss. Case-Laws Income Tax Tue, 18 Feb 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58321