Dismissing the appeal of the revenue the Court held that, the fertilizer bonds were issued by the Central Government in lieu of subsidy. When they were sold at a lower price and the assessee suffered loss, it was required to be allowed as business loss. (AY. 2008 -09, 2009-10)
CIT v. Gujarat State Fertilizers And Chemicals Ltd. (2018) 409 ITR 378 (Guj.)(HC)
S. 28(i) : Business loss-Fertiliser Bonds Issued By Central Government In Lieu of subsidy-Sale of Bonds at price Lower than face value-Loss is allowable as business Loss.