Irrecoverable loss incurred due to bad weather and technical snags would be considered as Revenue Loss
Last updated: 15 October 2021
Court :
ITAT Pune
Brief :
The Hon'ble Income Tax Appellate Tribunal, Pune ("the ITAT Pune") in the case of Income Tax Officer, Pune v. Roj Enterprises Pvt. Ltd. [ITA No.1292/PUN/2018 decided on October 8, 2021] has held that loss made by the Assessee due to bad weather and technical snags in regard to the money he put in another business in order to further his own business shall be considered as a Revenue Loss under the Income Tax Act, 1961 ("the IT Act").
Citation :
ITA No.1292/PUN/2018 decided on October 8, 2021
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Bimal Jain
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