Court Examines if Unrecovered Property Advances by Taxpayer are Capital or Revenue Loss for Tax Purposes.

Capital or revenue loss - non-recovery of advances given by the assessee for acquiring immovable property - Classification of this expenditure as capital in nature in its books of accounts of the assessee for the purpose of Companies Act does not ipso facto make that expenditure as capital expenditure for the purpose of income tax. - AT .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X