Relief to Hindustan Times: ITAT rules Currency Loss Due to Fire Write-Off Allowable as Trading Loss u/s 28 of Income Tax Act [Read Order]

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
ITAT - ITAT Delhi - Income Tax - Trading Loss - Hindustan Times - taxscan

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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