2022 (9) TMI 1534 - SCH - Income Tax

Business loss claim on account of permanent diminution in the value of the investment made in the equity shares in one of the subsidiaries of the assessee in USA - According to AO this loss was not allowable u/s 37 since the expenditure could not have been considered as a revenue expenditure. HELD THAT - Issue notice with respect to question no.2 before the High Court, reproduced in para 3 of the impugned judgment and order passed by the High Court only, making it returnable on 14.11.2022.

Summary

The Supreme Court of India in 2022 (9) TMI 1534 - SC Order, with Hon'ble Mr. Justice M.R. Shah and Hon'ble Mr. Justice Krishna Murari, condoned delay and issued notice for question no.2 before the High Court, returnable on 14.11.2022, to be heard with SLP (C) D. No.19465/2020.