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HC held that the investment write-off claimed as a tax deduction was valid. The investment was made in furtherance of the company's memorandum of association objectives and was deemed unrecoverable. Unlike previous precedents involving capital compensation, this case involved a direct business investment. Given the identical factual and legal circumstances in a prior assessment year where the deduction was previously allowed, the court ruled in favor of the assessee, overturning the revenue department's disallowance and affirming the tax deduction's legitimacy.
HC held that the investment write-off claimed as a tax deduction was valid. The investment was made in furtherance of the company's memorandum of association objectives and was deemed unrecoverable. Unlike previous precedents involving capital compensation, this case involved a direct business investment. Given the identical factual and legal circumstances in a prior assessment year where the deduction was previously allowed, the court ruled in favor of the assessee, overturning the revenue department's disallowance and affirming the tax deduction's legitimacy.
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