In Apollo Tyres Ltd vs. ACIT, the ITAT decided that the loss on sale of shares of a wholly-owned subsidiary is allowable as a business loss if the investment in the subsidiary was made for commercial purposes.
Article referred: http://itatonline.org/archives/apollo-tyres-ltd-vs-acit-itat-cochin-s-371-the-loss-on-sale-of-shares-of-a-wholly-owned-subsidiary-is-allowable-as-a-business-loss-if-the-investment-in-the-subsidiary-was-made-for-commercial-purpo/
Article referred: http://itatonline.org/archives/apollo-tyres-ltd-vs-acit-itat-cochin-s-371-the-loss-on-sale-of-shares-of-a-wholly-owned-subsidiary-is-allowable-as-a-business-loss-if-the-investment-in-the-subsidiary-was-made-for-commercial-purpo/
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