Loss from FDRs with Liquidated Bank Deductible as Business Expense u/s 36(1)(vii) of Income Tax Act.

Loss from FDRs with Liquidated Bank Deductible as Business Expense u/s 36(1)(vii) of Income Tax Act. https://www.taxtmi.com/highlights?id=59395 Disallowance of provisions of section 36(1)(vii) - whether the loss on account of FDR's maintained with MMCBL, which was under liquidation, and written off of the same is eligible for deduction under the head business and profession? - the entries made in the assessee's books of account in that behalf were strictly in accordance with the guidelines issued by the RBI - Claim cannot be denied - AT en-us Thu, 26 Aug 2021 08:48:19 +0530 Thu, 26 Aug 2021 08:48:19 +0530 TaxTMI RSS Generator Loss from FDRs with Liquidated Bank Deductible as Business Expense u/s 36(1)(vii) of Income Tax Act. https://www.taxtmi.com/highlights?id=59395 Disallowance of provisions of section 36(1)(vii) - whether the loss on account of FDR's maintained with MMCBL, which was under liquidation, and written off of the same is eligible for deduction under the head business and profession? - the entries made in the assessee's books of account in that behalf were strictly in accordance with the guidelines issued by the RBI - Claim cannot be denied - AT Highlights Income Tax Thu, 26 Aug 2021 08:48:19 +0530 https://www.taxtmi.com/highlights?id=59395