2008 (4) TMI 180

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..... K. D. Sood for the assessee. JUDGMENT The judgment of the court was delivered by DEEPAK GUPTA J. — The following question of law has been referred for the Opinion of this court under section 256(2) of the Income-tax Act, 1961: "Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in deleting the addition of Rs. 96,38,630 m....

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....a company judge of this court on May 19, 1993. The assessee decided to write off the value of the shares held by it in the subsidiary company which was wound up. The Commissioner of Income-tax held that it was not feasible to revive the subsidiary company and the assessee had no other option but to write off the amount invested in the shares of the company. In fact a decision to waive off the inte....