Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Bad Debts - Investments written-off - Nevertheless, no new manufacturing unit would have come into existence and no new asset was proposed to be acquired by the assessee. The advances were given in the normal course of business out of commercial expediency which would have improved the profit-making apparatus without disturbing the capital setup of the assessee. There is no dispute that the said advances became irrecoverable and accordingly, the same were written-off in the books of accounts. - Thus advances lost during the course of business would be business losses and hence, an allowable deduction - AT
Bad Debts - Investments written-off - Nevertheless, no new manufacturing unit would have come into existence and no new asset was proposed to be acquired by the assessee. The advances were given in the normal course of business out of commercial expediency which would have improved the profit-making apparatus without disturbing the capital setup of the assessee. There is no dispute that the said advances became irrecoverable and accordingly, the same were written-off in the books of accounts. - Thus advances lost during the course of business would be business losses and hence, an allowable deduction - AT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
