well, I respectfully disagree with Prashant. You can claim something as business loss when the same is not explicitely dealt with in any of sections of the Income Tax Act falling under the head income from business/profession. Otherwise, the conditions or restrictions prescribed for a particular allowance will become otiose as in the situation where the assesse fails to meet with the prescribed condition or restriction, he will alternatively claim the same under other nomenclature i.e. business loss as suggested by you. This can not be permitted. Wherever, a specific provision is made for any specific allowance, the said allowance will be governed under that provision only and once disallowed under that section, deduction can not be permitted under general head of deduction. This is my understanding in the matter. The other members may correct me if I am wrong.