Forfeiture of deposit on surrender of industrial plot was a capital loss not a revenue loss

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 ...