L OSS INCURRED IN CARRYING ON BUSINESS Whether it is necessary that the assessee must earn some income to become eligible to claim losses incurred in
{"Image DocumentName": "Loss incurred in carrying on business", "Image ImageDescription": "Whether it is necessary that the assessee must earn some income to become eligible to claim losses incurred in carrying on business. If there is direct and proximate nexus between the business operation and the loss, or if it is incidental to it, then the loss is deductible. Whether the loss is incurred in carrying on business is a question of fact and it is important to demonstrate it before tax authorities. Examples of losses: embezzlement loss, irrecoverable deposits, exchange loss, loss of inventory etc.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}