S. 28(i) : Business loss-Future and options loss-Client code modification-Repetitive client code modifications-Client code modifications are tainted with collusive action and manipulation– Loss is held to be bogus –Not allowable as business loss- Reassessment is also upheld. [S. 133(6), 147, 148]
Time Media & Entertainment LLP v. ITO (Mum.)(Trib.), www.itatonline.org