Sunday, March 16, 2014

The Mumbai Bench of ITAT has held the following:


Section 50, read with section 50C - Provisions of section 50C would also apply in case of capital gain from depreciable assets.

Section 28(i), read with section 36(1)(vii) - Deposits/advances given in connection with business could not be allowed as bad debt but had to be considered as business loss.

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