TMI Blog1981 (7) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 assessee, Along with another person took a contract for the purchase of tendu leaves from the Or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 a new business. The deposit of security amount in such a case was made as a business expenditur ..... X X X X Extracts X X X X X X X X Extracts X X X X
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