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1960 (11) TMI 16 - SC - Income TaxWhether the assessee's claim is sustainable under section 10(2)(xv) of the Act? Whether the assesse's claim that the loss was a business loss and, therefore, allowable as a deduction in computing the profits of the assessee's business is sustainable under law ? Held that:- Considering the finding that there is mutuality and custom of borrowing money on joint pronotes for the carrying on of business. In our opinion, in the circumstances proved in the present case, and on the facts established and on the findings given, the respondent was rightly held to be entitled to deduct the loss which was suffered by him in the transaction in dispute. Appeal dismissed.
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