https://www.taxtmi.com/caselaws?id=432741 Diminution in the value of unlisted investments was not deductible because the shares were treated as capital investments, with any loss relevant only on sale and not on year-end revaluation. The provision for non-performing assets was also restricted to the statutory deduction available under section 36(1)(viia), and RBI norms could not enlarge the allowance beyond the Act. The claimed loss on repossessed vehicles was disallowed because it was only an estimated diminution, not a crystallised and legally allowable loss; on that basis, revision under section 263 was upheld as the assessment was erroneous and prejudicial to revenue. en-us Thu, 29 Dec 2022 00:00:00 +0530 Wed, 11 Jan 2023 12:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432741 Diminution in the value of unlisted investments was not deductible because the shares were treated as capital investments, with any loss relevant only on sale and not on year-end revaluation. The provision for non-performing assets was also restricted to the statutory deduction available under section 36(1)(viia), and RBI norms could not enlarge the allowance beyond the Act. The claimed loss on repossessed vehicles was disallowed because it was only an estimated diminution, not a crystallised and legally allowable loss; on that basis, revision under section 263 was upheld as the assessment was erroneous and prejudicial to revenue. Case-Laws Income Tax Thu, 29 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432741