Money advanced to subsidiary company cannot be allowed as deduction on writing off the same

CASE LAWS DETAILS DECIDED BY: ITAT, HYDERABAD BENCH `B’, HYDERABAD, IN THE CASE OF: VST Industries Ltd. Vs. ACIT, APPEAL NO: ITA No. 691/Hyd/2005, DECIDED ON July 23, 2010 ORDER Per Chandra Poojari, Accountant Member: This appeal by the assessee is directed against the order of the CIT(A) IV, Hyderabad dt.24-3-2005 for assessment year 2000-01. 2. The first ground raised by the assessee is that the CIT(A) erred in confirming the dis allowance of the claim of the assessee, as long term capital loss of Rs. 13,96,22,585, arising out of the sale of shares held by it in VST-NPL to M/s Global G...