The loss on account of currency burnt in fire which was written off would be allowable as a trading loss under Section 28 of the Income Tax Act, 1961
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has ruled in favor of Hindustan Times, allowing the write-off of currency loss due to fire as a trading loss under Section 28 of the Income Tax Act, 1961. The assessee submitted that during the year under consideration, the assessee received a sum…
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