S. 28(i): Business loss-Embezzled-Loss deemed to be arisen when assessee comes to know about it and on realization on non recovery despite multiple attempts-Police complaints, Banking ombudsman etc-Write off on loss due to embezzlement allowable. [S. 145]
George Oakes Ltd v. ACIT (2022) 97 ITR 44 (SN) (Chennai)(Trib)
Digest of case laws
Online digest of latest case laws
This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Click here to download the pdf versions of the Digest of case laws S. 28(i) : Business loss-Working capital-Allowable as business loss. [S. 37(1)]
Dy. CIT v. Global Wool Alliance Pvt. Ltd. (2022) 100 ITR 12 (SN) (Kol)(Trib)S. 28(i) : Business loss-Fluctuation in foreign exchange-Restatement of outstanding liabilities on revenue items-Allowable as revenue expenditure. [S. 37(1)]
Herbalife International India Pvt. Ltd. v. Dy. CIT (2022) 100 ITR 456 (Bang.) (Trib)S. 28(i) : Business loss-Real estate business-Purchase of land-Litigation-Stock in trade-Allowable as business loss.
Amarnath Aggarwal Builders Pvt. Ltd v. Dy. CIT (2022) 99 ITR 194 (Amritsar) (Trib)S. 28(i) : Business loss-Business expenditure-Commodities trading-Non-recovery of purchase cost of goods paid to National Spot Exchange (NSEL)-Allowable as business loss [S. 37(1), 145]
Dy. CIT v. Cello Pens & Stationary (P) Ltd. (2022) 215 TTJ 486 / 210 DTR 53 (Mum)(Trib)S. 28(i) : Business loss-Forward contract-Hedging transactions through banks-Loss allowable as business loss and not speculation loss. [S. 43(5), 73]
Dy. CIT v. Mahendra Brothers Exports Pvt. Ltd. (2022) 99 ITR 537 (Mum)(Trib)S. 28(i): Business loss-Operationalising a sick company-Loss is allowable as business loss. [S. 37(1)]
ITO v. Roj Enterprises (P) Ltd. (2022) 219 TTJ 70 (UO) (Pune)(Trib)S. 28(i) : Business loss-Running of sick company-Business loss allowable as deduction. [S. 37(1)]
ITO v. Roj Enerprises (P) Ltd. (2022) 219 TTJ 70 (UO)(Pune)(Trib)S. 28(i) : Business income-Capital gains-Purchase and sale of agricultural lands-Transactions were adventure in nature of trade-Assessable as business income. [S. 2(13), 45]
Dilip Bhattu Karanjule v. ITO (2022)100 ITR 59 (SN) (Pune)(Trib)S. 24 : Income from house property-Deductions-Interest on housing loan-Jointly borrowed with husband-Interest allowable as deduction. [S. 24(b)]
ITO v. Mamta Rajivkumar Agarwal (Smt.) (2022)100 ITR 17 (SN)(Ahd) (Trib)