https://www.taxtmi.com/caselaws?id=421606 The Tribunal partly allowed the appeal, remanding the issues to the AO for further verification and re-adjudication. The disallowance of deduction for irrecoverable advances written off was partially upheld, with a portion allowed as business losses. The disallowance of long-term capital loss from the permanent write-off of share capital was upheld, but the Tribunal remanded the issue for re-examination due to new facts. The disallowance under Section 14A for expenditure related to earning tax-free income was set aside, emphasizing the necessity of recording satisfaction before making such disallowances. en-us Mon, 25 Apr 2022 00:00:00 +0530 Thu, 28 Apr 2022 08:13:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421606 The Tribunal partly allowed the appeal, remanding the issues to the AO for further verification and re-adjudication. The disallowance of deduction for irrecoverable advances written off was partially upheld, with a portion allowed as business losses. The disallowance of long-term capital loss from the permanent write-off of share capital was upheld, but the Tribunal remanded the issue for re-examination due to new facts. The disallowance under Section 14A for expenditure related to earning tax-free income was set aside, emphasizing the necessity of recording satisfaction before making such disallowances. Case-Laws Income Tax Mon, 25 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421606