TMI Blog1980 (1) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... of 1961), for opinion of this court on the following question : " Whether, on the facts and in the circumstances of the case, the loss incurred by the assessee can be allowed as an admissible deduction in computing the income for the assessment year 1971-72 ? " The assessee is a limited company. It had contributed to a " chit fund known as Rajarajeswari Financiers for Rs. 25,000 and by Septemb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld that such a loss of the company was not to be allowed. The I.T. Appellate Tribunal on appeal found as of fact: " The assessee had entered the chits only for the purpose of finding finances for business ... (and) the chit amounts bid had been utilised only for the business ........." On the above facts, the question referred can be and is answered only in the affirmative, in favour of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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