https://www.taxtmi.com/caselaws?id=428716 Advances made to a subsidiary for business support, and rendered irrecoverable on its liquidation, were treated as a business loss rather than a capital advance. Trade debtors written off were not allowed as bad debt because the assessee did not show sufficient recovery efforts or evidence of irrecoverability. Long-term capital loss on shares of the liquidated subsidiary was allowed, as extinguishment of shareholder rights on liquidation was treated as a transfer and nil receipt was taken as nil consideration. A claim for exemption or relief on long-term capital gains under a BIFR-sanctioned scheme was also entertainable at the appellate stage, even without a revised return. en-us Wed, 24 Aug 2022 00:00:00 +0530 Sat, 08 Oct 2022 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428716 Advances made to a subsidiary for business support, and rendered irrecoverable on its liquidation, were treated as a business loss rather than a capital advance. Trade debtors written off were not allowed as bad debt because the assessee did not show sufficient recovery efforts or evidence of irrecoverability. Long-term capital loss on shares of the liquidated subsidiary was allowed, as extinguishment of shareholder rights on liquidation was treated as a transfer and nil receipt was taken as nil consideration. A claim for exemption or relief on long-term capital gains under a BIFR-sanctioned scheme was also entertainable at the appellate stage, even without a revised return. Case-Laws Income Tax Wed, 24 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428716