https://www.taxtmi.com/caselaws?id=768376 The Madras HC allowed the assessee's claim for investment write-off deduction in computing taxable income. The court held that business investment made pursuant to MOA objectives that became unrecoverable cannot be compared with share devaluation. The court distinguished the ICS Systems case, noting it involved capital compensation for non-execution of agreement, unlike the present situation. Following precedent from assessee's own case for AY 2001-02 with identical facts and legal position, the court ruled in favor of assessee against revenue. en-us Mon, 25 Nov 2024 00:00:00 +0530 Sat, 05 Apr 2025 08:23:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768376 The Madras HC allowed the assessee's claim for investment write-off deduction in computing taxable income. The court held that business investment made pursuant to MOA objectives that became unrecoverable cannot be compared with share devaluation. The court distinguished the ICS Systems case, noting it involved capital compensation for non-execution of agreement, unlike the present situation. Following precedent from assessee's own case for AY 2001-02 with identical facts and legal position, the court ruled in favor of assessee against revenue. Case-Laws Income Tax Mon, 25 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768376