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of The ITAT allowed the appeal, holding that the assessee's equity investments in its foreign wholly-owned subsidiary were bona fide business investments made to acquire and expand an operating concern abroad; the write-off of the foreign investment (Rs. 97,61,190) was a commercial loss deductible as business loss (not capital loss or bad debt) and the Commissioner (A) was reversed. The Tribunal also deleted an addition under s.68/115BBE in respect of USD 154,282 (Rs. 99,23,830), finding the receipt to be an advance against supplies from an identified related foreign customer remitted through banking channels with supporting documentation; consequently the identity, genuineness and source were established. Ground(s) allowed.
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