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Loss from share forfeiture is Loss from business if Assessee is a Share Trader
Case Law Details
- Case Name
- Tanvi Financial Services Private Limited Vs Income Tax Officer (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Hyderabad
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Tanvi Financial Services Private Limited Vs ITO (ITAT Hyderabad)
We find that there is no dispute about the loss that was incurred by the assessee, on not subscribing to the full value of the shares. The distinguishing factor from the case of BPL Sanyo Finance Ltd (cited Supra) and the assessee before us is that BPL Sanyo Finance Ltd was an investor while the assessee before us is a trader in shares and not an investor and was also justified in not making the payment of the balance of the share application money. If the assessee has subscribed to the preferential warrants as an investor, the...
