Allowability of STCL on assignment of debts due from certain debtors even if assignee did not disclose recovered income

DCIT Vs Sicagen India Ltd. (ITAT Chennai) Allowability of STCL on assignment of debts due from certain debtors even if assignee did not disclose recovered income Conclusion: As regards to issue of allowability capital loss incurred by assessee on assigning of debts due from certain debtors, it was concluded that merely because assignee company did not disclose business income in their income tax returns for subsequent years in year of recovery of debts, that would not prejudice right of assessee company to claim capital loss in the year of extinguishment of their right in favour of assignee co...