Case Law Details
Case Name : Seshasayee Paper and Boards Ltd. Vs JCIT (ITAT Chennai)
Appeal Number : ITA No.: 2835/CHNY/2017
Date of Judgement/Order : 22/07/2022
Related Assessment Year : 2003-04
Courts :
All ITAT ITAT Chennai
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Seshasayee Paper and Boards Ltd. Vs JCIT (ITAT Chennai)
Held that the claim of loss accruing or arising as investment in equity shares, non-convertible debentures and zero coupon redeemable preference shares is not capital loss but eligible for deduction in computation of business loss
Facts-
AO during the course of assessment proceedings noticed from the profit & loss account that the assessee under the head ‘extraordinary items’ written off Rs.641.32 lakhs on account of loss of investment in Ponni Sugars (Orissa) Ltd . The details of investments made by assessee in Ponni Sugars (Orissa) Ltd., written off amounting to Rs.641.32 lakhs.
Conclusion-
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