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Loss on money lent as share capital by finance company is ‘Revenue’ loss
Case Law Details
- Case Name
- The Pr. Commissioner of Income Tax Vs Industrial Finance Corporation of India LTD. (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
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Where monies were advanced through the mechanism of equity participation, the intention of the lender – in the present case, the assessee, was to derive income rather than to increase its investment on the capital Such being the case, if there were profits, with the assessee/lender from the investment, it would properly lie in the Revenue side of income and conversely, if there were losses – as in the present case – it properly would have fallen, as was correctly claimed, as bad debts in the present instance.
1. The question of law urged in this appeal against the order ...
