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Forfeiture of deposit on surrender of industrial plot was a capital loss not a revenue loss
Case Law Details
- Case Name
- M/S ICS Systems Private Limited Vs CIT (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2001-02
- Courts
- All High Courts, Delhi High Court
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M/S ICS Systems Private Limited Vs CIT (Delhi High Court)
Conclusion: Forfeiture of advance/deposit suffered by the assessee-company towards proposed purchase of plot, unilaterally deducted by HSIDC was a capital loss not a revenue loss as loss incurred was in the transaction relating to and for acquisition of a land/plot which was a capital asset.
Held: The issue arose for consideration was loss of money of the assessee caused by forfeiture of advance/deposit towards proposed purchase of plot, unilaterally deducted by HSIDC was a capital loss or a revenue . AO held that amount deposited with ...
