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ITAT Delhi Allows Carry Forward of Capital Loss on Sale of Shares Despite Section 10(38) Exemption
Case Law Details
- Case Name
- Sahara India Corp Investment Ltd. Vs ACIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Delhi
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Sahara India Corp Investment Ltd. Vs ACIT (ITAT Delhi)
Sahara India NBFC’s Share Loss Not Business Loss, Yet Eligible for Set-Off in Future -Accounting Classification Decides Nature of Loss, Not NBFC Status
Assessee, an NBFC engaged in financing, claimed ₹5.00 crore loss on sale of Pipavav Defence & Offshore Engineering Co. Ltd. shares as business loss. AO held it as capital loss, since shares were reflected as non-current investments in balance sheet, not as stock-in-trade, & were sold pursuant to Supreme Court’s directions.
CIT(A) affirmed, observing that the investment was hel...
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