TaxTMI 
TaxTMI 
2017 (7) TMI 1048
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....raya Iyer ORDER ( Order of the Court was delivered by Dr.Anita Sumanth, J.) The questions raised and admitted in this departmental appeal are as follows; "1. Whether in the facts and circumstances of the case, the Tribunal had enough material to hold and was right in holding that the loans to companies in liquidation had become bad debts and ought to be written off? 2. Whether in the facts an....
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....re. An appeal was filed before the Income Tax Appellate Tribunal that allowed both claims vide order dated 24.7.2002 and the said order is assailed in appeal before us. 3. We have heard the submissions of Mr.S.Swaminathan for the Revenue and Mr.Vijayaraghavan for the assessee. 4. The assessee is a State Government Corporation engaged in the business of promoting industrial development in the Sta....
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....by way of subscription to shares is solely on account of the under writing operations. Such being the position, the investments are of the nature of stock-in-trade and cannot be held to be otherwise. In fact, this aspect of the matter was decided by the Income Tax Appellate Tribunal in the assessee s own case in respect of assessment year 1970-71 wherein, by a well reasoned order dated 14.3.1975, ....
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....stments in the shares of six industrial companies were undertaken by way of underwriting of issue of shares. Upon finding that the net worth was negative, it was proposed to write off 100% of such investment in five cases. In the matter relating to one defaulter, M/s. Southern Brick Works Limited, the recommendation for write-off was only 50% of the investment, in view of a proposal for take over ....