ITAT allows Loss due to write off of Investment in Joint Venture

Sahara Global Vision Pvt. Ltd Vs ACIT (ITAT Delhi) Assessee entered into joint venture by way of participating in a company in USA for distribution of petroleum and chemical products after obtaining approval from RBI. There is also no dispute that the joint venture company in USA was liquidated. The facts on record show that the assessee had invested 3 million US Dollars and on liquidation of the joint venture company, a sum of Rs. 24,82,746.3 US Dollars could only be recovered and the balance amount has been written off in the accounts of the year under consideration. The claim of the assesse...