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2018 (9) TMI 103 - ITAT DELHIDisallowance of loss on Joint Venture in USA which was written off during the year by the appellant - Held that:- The Hon'ble Bombay High Court in a similar case in CIT Vs. Colgate Palmolive [India] Ltd [2014 (12) TMI 846 - BOMBAY HIGH COURT] held the company wrote off loss on sale of shares and the facts of the case in hand show that the assessee could not recover investment amount on liquidation of joint venture company thereby sustaining a loss of ₹ 2,92,23,186/-. Finding parity in the facts of the case in hand with the facts considered by the Hon'ble High Court of Bombay [supra], we respectfully following the decision of the Hon'ble Bombay High Court [supra] , set aside the order of the CIT(A) and direct the Assessing Officer to delete the addition of ₹ 2,92,31,861/-. - decided in favour of assessee
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