Court to Decide if Loan Foreclosure Loss is Deductible u/s 36(1)(vii) of Income Tax Act.

Court to Decide if Loan Foreclosure Loss is Deductible u/s 36(1)(vii) of Income Tax Act. https://www.taxtmi.com/highlights?id=43912 Loss on foreclosure of loans - Whether equivalent to write off of an asset which is capital in nature and not allowable u/s. 37(1) since it is not a Revenue write off? - the assessee satisfies all the conditions of allowabaility of this sum as deduction u/s 36(1) (vii) rws 36(2). en-us Wed, 16 Jan 2019 09:58:16 +0530 Wed, 16 Jan 2019 09:58:16 +0530 TaxTMI RSS Generator Court to Decide if Loan Foreclosure Loss is Deductible u/s 36(1)(vii) of Income Tax Act. https://www.taxtmi.com/highlights?id=43912 Loss on foreclosure of loans - Whether equivalent to write off of an asset which is capital in nature and not allowable u/s. 37(1) since it is not a Revenue write off? - the assessee satisfies all the conditions of allowabaility of this sum as deduction u/s 36(1) (vii) rws 36(2). Highlights Income Tax Wed, 16 Jan 2019 09:58:16 +0530 https://www.taxtmi.com/highlights?id=43912