Section 11: Deduction of Loss on Investment Allowed

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Whether the loss on account of sale of a capital asset is an allowable expenditure for the computation of total income of the assessee chargeable to tax u/s 11 was the question before Calcutta High court in case of Hindustan Welfare Trust vs DIT(Exemption) [1993] 68 TAXMAN 205 (CAL.)/[1993] 201 ITR 564 (CAL.) in which the…

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