2000 (2) TMI 83

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....stance of the Revenue. As per the statement of the case, the assessee is a registered firm engaged in exploitation of forests. It also derives income from tea estates and other sources. The assessee had claimed Rs. 31,911 as a revenue loss on sale of investments. The assessee's contention was that these investments were pledged with the various District Forest Officers as security and these were, ....

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....tment with which it was doing business. In other words, the assessee had no option but to subscribe to the securities if it wanted to continue to do business with the Departments concerned. The investments were thus necessarily by way of commercial expediency for the purpose of carrying on the business as a contractor. The point in issue is fully covered by a decision of the Supreme Court in Patna....