Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2009 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2009 (1) TMI 404 - BOMBAY HIGH COURT“Whether Tribunal was correct in holding that the write off of Rs. 4,58,500, being part of the loan advanced by the assessee to its fully owned subsidiary company, was not a loss incidental to the business of the assessee and, as such, not allowable?” - In the present case there are concurrent findings of the three authorities that the assessee-company was not in the business of lending money. There is a further concurrent finding of fact that the money was lent to its subsidiary company to enable the subsidiary company to construct a jetty which was clearly a capital asset of the subsidiary company. - the loan granted to the subsidiary company did not spring directly from the business of the assessee-company nor was incidental to it – It was not deductible
|