Accounts and tax effect of investment

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
16 July 2011 If investment in unquoted shares got reduced to zero value. Should it be written off or should create a provision for it?
And if yes will it be allowable expenditure under income tax?
Profile Image

Aditya Maheshwari

Profile Image

Aditya Maheshwari (Expert)
16 July 2011 A provision should be made and the same is not allowable as an expense for Income tax purpose unless it is sold.
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
16 July 2011 But its mv is Zero, no one will purchase..
Profile Image

Aditya Maheshwari

Profile Image

Aditya Maheshwari (Expert)
16 July 2011 no option then carry forward in books. Even if u write off in the books no expense is allowable as per Income tax act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI
ChatGPT Perplexity Claude Google AI Grok

CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category