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1983 (9) TMI 72 - HC - Income Tax
Extract:
....... on the facts and circumstances of this case. For the above reasons, we answer the reference in favour of the assessee and against the Revenue. The Tribunal was not legally justified in restricting the allowance of loss claimed by the assessee at Rs. 4,27,898 to Rs. 1,50,000. On the facts and circumstances of the case, we make no order as to costs.