https://www.taxtmi.com/caselaws?id=470246 Write-off of an inter-corporate deposit was treated as an allowable business loss notwithstanding that interest from the deposit had been assessed under income from other sources. The assessee's memorandum authorised investment through inter-corporate deposits, and the transaction was undertaken under a shareholder resolution. The article notes that an earlier assessment year had treated the comparable deposit loss as deductible in computing taxable income, with that position affirmed by the High Court. It states that the same treatment applied for the relevant year, allowing deduction of the written-off deposit as a business loss. en-us Thu, 13 Feb 2020 00:00:00 +0530 Tue, 21 Jul 2026 17:08:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470246 Write-off of an inter-corporate deposit was treated as an allowable business loss notwithstanding that interest from the deposit had been assessed under income from other sources. The assessee's memorandum authorised investment through inter-corporate deposits, and the transaction was undertaken under a shareholder resolution. The article notes that an earlier assessment year had treated the comparable deposit loss as deductible in computing taxable income, with that position affirmed by the High Court. It states that the same treatment applied for the relevant year, allowing deduction of the written-off deposit as a business loss. Case-Laws Income Tax Thu, 13 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470246