This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Loss from Forfeiture of advance against Convertible Warrants held as stock in trade is Business Loss
Case Law Details
- Case Name
- Lustre Merchants Pvt. Ltd. Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All ITAT, ITAT Delhi
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Lustre Merchants Pvt. Ltd. Vs DCIT (ITAT Delhi)
The only dispute in the instant appeal is regarding the treatment of the loss on account of forfeiture of share application money amounting to Rs. 41,61,000/- as business loss or capital loss. While the loss is not in dispute, according to the assessee it is a business loss whereas according to the Revenue it is a capital loss. Thus, the genuineness of the said loss is not doubted and the only question is whether it is a capital loss or business loss. As mentioned by the Assessing Officer in the assessment order itself, the assessee is a non-bank...
