Loss on sale of bonds received as consideration for undertaking a project is allowable as deduction; SLP dismissed

INCOME TAX : SLP dismissed against impugned order of High Court holding that where assessee, engaged in construction work, received RBI bonds instead of cash as a consideration for project undertaken in Iraq as sub-contractor and incurred loss on sale of bonds, considering nature of business of assessee, bonds were to be treated as current assets and assessee was entitled to claim loss on sale of RB bondsINCOME TAX : SLP dismissed against impugned order of High Court holding that where assessee, engaged in construction work, received RBI bonds instead of cash as a consideration for project undertaken in Iraq as sub-contractor and incurred loss on sale of bonds, considering nature of business of assessee, bonds were to be treated as current assets and assessee was entitled to claim loss on sale of RB bondswww.taxmann.com Latest Case LawsRead More

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