Loss on sale of partly convertible debentures is short-term capital loss

HIGH COURT OF CALCUTTA JCT Ltd. Versus Commissioner of Income-tax, West Bengal IT APPEAL NO. 259 OF 2003 AUGUST 30, 2012 ORDER Joymalya Bagchi, J. This appeal was admitted on the following substantial question of law in respect of assessment year 1993-93 : “Whether the tribunal was justified in law in holding that the loss of Rs. 65/- incurred by the appellant on the sale of each non-convertible Part B of the 15% redeemable partly convertible debentures issued by Ballarpur Industries Ltd. aggregating to Rs. 28,17,945/- was not allowable as a short term capital loss but w...