Hi all,
One of my clients (company) had once invested in shares of another company. Now the latter is wound up and the amount invested couldn't be retrieved. The investment is written off in the books of account and shown as a loss. My question is whether the loss can be allowed as an admissible expense for the purpose of Income tax act. There is no doubt that it is a capital loss. But still the transaction of above nature couldn't be perceived as transfer u/s 2(47).
CAclubindia
