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2012 (8) TMI 482 - ITAT, CHENNAIDisallowance of deduction of diminution in value of investments written off - Held that:- The assessee has not brought on record any material to show that the shares of Shriram Asset Management Co. Ltd. are held as business assets and required to make provision for diminution in value of investment in the books of account. As the assessee reversed this provision in its books of account and offered to tax in the assessment year 2007-08 disallowing the same provision during the assessment year under consideration amounts to double disallowance AO is directed to verify the details - in favour of assessee for statistical purpose.
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