https://www.taxtmi.com/caselaws?id=58660 The tribunal upheld the revenue authorities' decision to disallow the bad debt claim related to chit fund participation, determining that the loss incurred was on the capital account and not connected to the assessee's primary business activities. The tribunal concluded that chit fund activities lacked the element of profit-making and were not considered a business based on the nature of chit fund operations. Additionally, the tribunal dismissed the appeal due to an additional ground raised by the assessee that required investigation into fresh facts not presented in the record. en-us Thu, 04 Feb 1982 00:00:00 +0530 Tue, 21 Dec 2010 13:50:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58660 The tribunal upheld the revenue authorities' decision to disallow the bad debt claim related to chit fund participation, determining that the loss incurred was on the capital account and not connected to the assessee's primary business activities. The tribunal concluded that chit fund activities lacked the element of profit-making and were not considered a business based on the nature of chit fund operations. Additionally, the tribunal dismissed the appeal due to an additional ground raised by the assessee that required investigation into fresh facts not presented in the record. Case-Laws Income Tax Thu, 04 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58660