1981 (7) TMI 52

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....-This is a reference made by the Income-tax Appellate Tribunal, referring for our answer the following question of law: Whether, on the facts and in the circumstances of the case, the loss of Rs. 19,854 was a revenue loss ? The assessee is a firm carrying on the business of purchase and sale of tendu leaves. The relevant assessment year is 1974-75. During the relevant accounting year, the as....

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....not be deducted as a business loss in the assessment. It has to be taken notice of that the business carried on by the assessee was purchase and sale of tendu leaves. The contract with the Orissa Forest Corporation was also for purchase of tendu leaves. This contract was in the course of the same business which was then carried on by the assessee and could not be said to be the commencement of ....