ITAT, Chennai Allows Loss on Investment in Subsidiary Company as Business Loss - (23 Feb 2022)
DIRECT TAXATION
Income Tax Appellate Tribunal (ITAT), Chennai has allowed the loss on investment made in subsidiary company for increasing business expediency to be written off as business loss. The Tribunal has ruled that the loss on acquisition made to boost trading results could not be ruled as capital in nature, allowing deduction of legal fee and due diligence expenditure incurred in acquiring a foreign entity.
Tags : INCOME TAX APPELLATE TRIBUNAL LOSS ON INVESTMENT IN SUBSIDIARY COMPANY
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