Deduction as loss on Chit - Even if the assessee is not able to ...

Tax Deduction Denied for Chit Discount Without Proof of Business Use; Limited to Net Amount of Discount and Dividend.

September 23, 2019

Case Laws Income Tax AT

Deduction as loss on Chit - Even if the assessee is not able to establish that the money raised through chit was used for business purpose then also, disallowance should be of net amount of chit discount (-) chit dividend and not of gross amount of chit discount.

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Deduction as loss on Chit - Even if the assessee is not able to ...

Tax Deduction Denied for Chit Discount Without Proof of Business Use; Limited to Net Amount of Discount and Dividend.

September 23, 2019

Case Laws Income Tax AT

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