https://www.taxtmi.com/caselaws?id=59265 Business losses arising from a disputed cotton transaction were treated as deductible where the assessee had already recovered most of the cost and related expenditure, and the remaining unrecovered amount reflected a genuine business incidence that could not be avoided on the facts. The disallowance of miscellaneous business expenses was also deleted because, given the scale of turnover and the nature of the outgoings, strict item-wise proof was not essential and an ad hoc disallowance lacked factual basis. The overall result was deletion of both disputed additions in favour of the assessee. en-us Thu, 01 Jul 1982 00:00:00 +0530 Mon, 27 Dec 2010 15:30:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59265 Business losses arising from a disputed cotton transaction were treated as deductible where the assessee had already recovered most of the cost and related expenditure, and the remaining unrecovered amount reflected a genuine business incidence that could not be avoided on the facts. The disallowance of miscellaneous business expenses was also deleted because, given the scale of turnover and the nature of the outgoings, strict item-wise proof was not essential and an ad hoc disallowance lacked factual basis. The overall result was deletion of both disputed additions in favour of the assessee. Case-Laws Income Tax Thu, 01 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59265