Loss in value of Investment in another company cannot be claimed as deduction u/s. 37(1)

Tamil Nadu Fisheries-Development Corporation Ltd Vs ACIT (ITAT Chennai)

In order to claim deduction towards any expenditure, it should not be in the nature of personal expenditure or capital expenditure. Further, said expenditure should be incurred wholly and exclusively for the purpose of business of the assessee. In this case, the assessee has claimed deduction towards written off investment as Revenue expenditure when its investment in joint venture company, has been reduced to nil due to

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