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2013 (5) TMI 475 - HC - Income TaxLoans and advances to the Subsidiary Companies - whether be termed Revenue Nature on account of Business Exigency and Commercial Expediency? - Tribunal returned a finding that the amounts advanced have been written off after the said companies have been closed and the employees retrenched thus are clearly capital loss - Held that:- No merit in the present appeal as the appellant has advanced loan to its subsidiary companies, the same has to be treated as capital loss. The assessee has not shown any increase in the previous years, therefore, the assessee has been rightly found not entitled to claim such written off amount as revenue expenses. No error in the findings recorded by the authorities under the Act. In respect of the interest and the other expenses, the matter has been remanded back to the AO to examine the nature of transaction claimed by the assessee as revenue loss. Since the facts are yet to be examined, therefore, no argument can be examined at this stage. No substantial question of law arises for consideration of this Court.
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