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TMI Blog2013 (5) TMI 475X X X X Extracts X X X X X X X X Extracts X X X X ..... to claim such written off amount as revenue expenses. No error in the findings recorded by the authorities under the Act. In respect of the interest and the other expenses, the matter has been remanded back to the AO to examine the nature of transaction claimed by the assessee as revenue loss. Since the facts are yet to be examined, therefore, no argument can be examined at this stage. No substantial question of law arises for consideration of this Court. - ITA No. 65 of 2012 (O&M) - - - Dated:- 10-4-2013 - Hemant Gupta And Ritu Bahri,JJ. For the Appellant : Mr. Pankaj Jain, Advocate For the Respondent : Ms. Urvashi Dhugga, Advocate ORDER The present appeal under Section 260-A of the Income Tax Act, 1961 (for shor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sing Officer treated as capital loss vide order dated 26.12.2007. In an appeal against the said order, the claim of the assessee to treat the written off bad debts, as revenue expenses, was not accepted. The Commissioner of Income Tax recorded the following findings: 5.6. I have gone through the facts of the case, assessment order and counsel's contentions in this regard and after careful consideration find that as the loans were advanced by the assessee company to its subsidiary companies for their promotion and now these subsidiary companies have not repaid these loans to the assessee company. The claim of the assessee to write of capital loans as revenue expenses is not entertainable as per provisions of law as in regard to these ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... We have heard learned counsel for the parties and find no merit in the present appeal. Since the appellant has advanced loan to its subsidiary companies, the same has to be treated as capital loss. The assessee has not shown any increase in the previous years, therefore, the assessee has been rightly found not entitled to claim such written off amount as revenue expenses. We do not find any error in the findings recorded by the authorities under the Act. In respect of the interest and the other expenses, the matter has been remanded back to the Assessing Officer to examine the nature of transaction claimed by the assessee as revenue loss. Since the facts are yet to be examined, therefore, no argument can be examined at this stage. Conseq ..... X X X X Extracts X X X X X X X X Extracts X X X X
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