ITAT Allows Subsidiary Investment Write-Off as Business Loss as Investment Was Made for Commercial Expediency

Britannia Industries Ltd. Vs DCIT (ITAT Kolkata) Double Disallowance Deleted Because Amount Was Already Added Back in Income Tax Return; Broken-Period Interest Not Taxable Because Debentures Were Sold Before Interest Became Due; ITAT Grants Relief on Broken-Period Interest Because Same Income Was Taxed Through Capital Gains; DTAA Claim on Dividend Distribution Sent Back for Verification Because Key Shareholder Documents Were Missing. In this batch of appeals, the Income Tax Appellate Tribunal (ITAT), Kolkata, considered multiple issues arising for Assessment Years (AYs) 2016-17, 2020-21, and 2...