Loss of Chit Fund Utilized for Business Purpose allowable as Business Loss: ITAT [Read Order]

Loss - Loss of Chit Fund Utilized - Chit Fund - Loss of Chit Fund Utilized for Business Purpose - Business Loss - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT) of Delhi bench has held that loss incurred on chit fund is allowable as a business loss if money is utilized for business purposes. Nijhawan Travel, the assessee filed a return declaring a total income of Rs. Nil after adjustment of brought forward business loss with the current year…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹2299 + GST for 1 year

Subscribe Now

Already a member? Log in here
taxscan-loader