HC explains Allowability of loss on sale of asset as business loss

Share Aids Private Ltd. Vs ITO (Madras High Court) The learned counsel for the Appellant/Assessee Ms. Madhupreetha Elango submitted that the if a loss is caused on the sale of the Capital Assets by the Assessee, the same should be allowed as Business Expenditure under Section 41(2) of the Act as it cannot be brought to tax under Section 50 of the Income Tax Act as held by the learned Tribunal. She submitted that the Assessee Company was in loss and was later on wound up and in the process of winding up, it not only sold some of its Assets on which depreciation was claimed by it under Section 3...