Irrecoverable Loss due to Technical Snags & Bad Weather Conditions allowable

ITO Vs Roj Enterprises Pvt. Ltd. (ITAT Pune) ITAT 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). The present appeal was filed by the Income Tax Officer, Pune (“the Appellant”) against the order of the Commissioner of Income Tax (Appeals), Pune made in favor of Roj Enterprises Pvt. Ltd. (“the Respondent”). The Respondent is an export house dealing in Mango Pulp. During the course of asses...