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Diminution in value of GoI Bonds allowable as revenue loss as investment made under commercial expediency
Case Law Details
- Case Name
- PCIT Vs Paradeep Phosphates Limited (Orissa High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All High Courts, Orissa High Court
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PCIT Vs Paradeep Phosphates Limited (Orissa High Court)
Orissa High Court held that since the investment in Government of India Fertilizer Bonds [GoI Bonds] was made under commercial expediency it did not bring an asset of a capital nature and the diminution in the value of the said bond are allowable as revenue loss.
Facts- The first issue is whether the Income Tax Appellate Tribunal erred in holding that the provisions of diminution of Government of India Fertilizer Bonds [GoI Bonds] is an allowable deduction.
Another issue arose due to the disallowance of ₹ 2,84,34,453 by the AO which was...
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