https://www.taxtmi.com/caselaws?id=284955 The ITAT allowed depreciation on the BSE Membership Card based on a Supreme Court decision, settling the issue. However, the ITAT upheld the disallowance of the business loss claimed due to an irrecoverable debt, stating it was an attempt to reduce taxable profits and not a genuine loss as the debt was not included in the income computation. The appeal was partly allowed, with the disallowance of the business loss upheld. en-us Tue, 10 Apr 2012 00:00:00 +0530 Wed, 18 Dec 2019 16:30:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284955 The ITAT allowed depreciation on the BSE Membership Card based on a Supreme Court decision, settling the issue. However, the ITAT upheld the disallowance of the business loss claimed due to an irrecoverable debt, stating it was an attempt to reduce taxable profits and not a genuine loss as the debt was not included in the income computation. The appeal was partly allowed, with the disallowance of the business loss upheld. Case-Laws Income Tax Tue, 10 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284955