Case Law Details
Case Name : M/S ICS Systems Private Limited Vs CIT (Delhi High Court)
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.
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