https://www.taxtmi.com/caselaws?id=314355 ITAT Cochin denied bad debt deduction u/s 36(1)(vii) as conditions of Sec. 36(2) were not fulfilled, but allowed the claim as revenue loss under Sec. 28/37(1) since subsidiary was promoted to boost assessee's business profitability. Loss on equity investment in subsidiary was correctly treated as capital loss by CIT(A), not revenue expenditure. Expenditure on leased building additions was held as capital expenditure requiring capitalization with depreciation allowable. Interest on income tax refund was held taxable on cash basis when received, not upon assessment finality. en-us Wed, 09 Nov 2022 00:00:00 +0530 Mon, 03 Jun 2024 17:01:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314355 ITAT Cochin denied bad debt deduction u/s 36(1)(vii) as conditions of Sec. 36(2) were not fulfilled, but allowed the claim as revenue loss under Sec. 28/37(1) since subsidiary was promoted to boost assessee's business profitability. Loss on equity investment in subsidiary was correctly treated as capital loss by CIT(A), not revenue expenditure. Expenditure on leased building additions was held as capital expenditure requiring capitalization with depreciation allowable. Interest on income tax refund was held taxable on cash basis when received, not upon assessment finality. Case-Laws Income Tax Wed, 09 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314355