Loss from FDRs with Liquidated Bank Deductible as Business Expense u/s 36(1)(vii) of Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Disallowance of provisions of section 36(1)(vii) - whether the loss on account of FDR's maintained with MMCBL, which was under liquidation, and written off of the same is eligible for deduction under the head business and profession? - the entries made in the assessee's books of account in that behalf were strictly in accordance with the guidelines issued by the RBI - Claim cannot be denied - AT....