Court to Decide if Loan Foreclosure Loss is Deductible u/s 36(1)(vii) of Income Tax Act.

Loss on foreclosure of loans - Whether equivalent to write off of an asset which is capital in nature and not allowable u/s. 37(1) since it is not a Revenue write off? - the assessee satisfies all the conditions of allowabaility of this sum as deduction u/s 36(1) (vii) rws 36(2). .....

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