Investments in trust were made against accumulation of surplus. Subsequently, these investments had to be written-off pursuant to RBI directions. The question is - whether the loss on such write-off can be considered application of income ? If not then,it will be a double jeopardy for the assessee. Kindly help.Thanks
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Application of Income in Trust/society
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What do you mean by investments had to be written off !!!
bonds were scrapped by RBI
Amazing. Which bonds ?? Please let know
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