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Case Law Details

Case Name : Apollo Tyres Ltd. Vs. ACIT (ITAT Cochin)
Related Assessment Year : 2010-11,2011-12
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In the case of Apollo Tyres Ltd vs. ACIT , ITAT Cochin held that The loss on sale of shares of a wholly-owned subsidiary is allowable under Section 37(1) of Income Tax Act, 1961 as a business loss if the investment in the subsidiary was made for commercial purposes.

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