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2017 (12) TMI 187 - AT - Income TaxDisallowance of Bid Loss Claimed in the computation of total income - Held that:- Bid Loss incurred on account of lifting the chit in the capacity of subscriber to chit is allowable in full in the year in which the chit was auctioned. Apex Court in the case of Taparia Tools Ltd., JCIT [2015 (3) TMI 853 - SUPREME COURT] finally concluded that assessee is entitled to the deduction of the entire expenditure in the year in which the amount was actually paid. - Decided against revenue
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