2008 (12) TMI 674

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.... For the Respondent: Mrs. Pushya Sitaraman JUDGMENT Mrs. Prabha Sridevan J.-The following substantial questions of law are raised in this tax case: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the amounts of loans and advances outstanding written off by the appellant as not recoverable is not deductible while computing its income? ....

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....nvestments 6 37.49 5.   Companies under liquidation 2   33. 82 6. Joint finance case 1 12.28 The Assessing Officer granted relief only with regard to some of the claims and disallowed most of them. On appeal, the Commissioner of Income-tax (Appeals), partly allowed the appeal. He again accepted some of the claims of the assessee. The Tribunal also c....

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....possession of the unit. The Assessing Officer did not allow deduction on the ground the recovery value of the assessee plus the amount that was guaranteed by the directors should be sufficient to meet the entire outstanding. The Commissioner of Income-tax (Appeals) also held that the landed value must have gone up. We feel that the disallowance of the claim for write off is more on the basis of....