Expenditure claimed towards Write-off Investment in Capital Loss cannot be allowed as Deduction u/s 37(1): ITAT [Read Order]

Expenditure - Investment - Capital Loss - Deduction - ITAT - taxscan

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has held that expenditure claimed towards write-off investment in capital loss cannot be allowed as deduction u/s.37(1). The appellate, M/s.Tamil Nadu Fisheries Development Corporation Ltd., is engaged in the business of management of reservoirs, marketing of fish and fish nets, diesel bunks, etc. The assessee claimed…

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