ACIT v. Loop Telecom Ltd. (2020) 189 DTR 46 / 205 TTJ 27 (Mum.)(Trib.)

S. 28(1) : Business loss-losses incurred due to surrender of NLD certificate-Allowable as normal business loss. [S. 37(1)]

Where assessee surrendered the NLD certificate obtained earlier after subsequently having obtained 2G spectrum certificate to department of telecommunication. It was held that as assessee was engaged in providing telecommunication services, losses incurred on account of surrender of NLD certificate would be considered normal business expenditure therefore the same shall be allowable. (AY. 2011-12)