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2004 (6) TMI 35 - KERALA HIGH COURT"1. Whether, in view of the objects of the assessee contained in its memorandum of association was the Appellate Tribunal right in holding that the investments made in the capital of the co-operative societies cannot be considered as its objects and the loss arising therefrom cannot be treated as a revenue/ business loss allowable under the Income-tax Act? 2. Whether, Tribunal was right in disallowing deduction of an amount of Rs. 80,20,588 being the amount written off by the assessee in the profit and loss account, from out of its advance in the form of shares in the cooperative societies which had either become defunct or had gone under liquidation?" – Both questions are answered in the affirmative, i.e., in favour of the Revenue and against the assessee.
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