Allowability of capital loss as well as the right of deferred ...

Income Tax

August 30, 2022

Allowability of capital loss as well as the right of deferred tax assets - Disallowance of capital expenditure debited to the profit and loss account - whether CIT-A erred deleting disallowance - At the time of creation, it is not allowable as an expenditure or not chargeable as income and further when it is written off, or written back, it is not charged to tax or granted as deduction. Therefore, write-off of the deferred tax assets is not an expenditure at all. Further, it is not also deductible loss as in fact it is merely a book entry. - AT

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Allowability of capital loss as well as the right of deferred ...

Income Tax

August 30, 2022

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