Dismissing the appeal of the revenue the Court held that loss due to encashment of bank guarantee is allowable as business loss. (AY. 2002-03 to 2005 -06)
CIT v. Chandragiri Construction Co. (2019) 415 ITR 63 (Ker.) (HC)
S. 28(i) : Business loss-Bank guarantee-Loss due to encashment of bank guarantee is allowable as business loss.