Loss on Share Sale Is Capital Loss, Not Expense: ITAT

DCIT Vs Jayajothi and Company Private Limited (ITAT Chennai)

Loss on Sale of Shares Is Capital Loss, Not Disallowable Expense – ITAT Chennai Clarifies Correct Treatment

The Chennai Bench of the ITAT partly allowed the Revenue’s appeal for AY 2014-15 and clarified the correct tax treatment of loss on sale of shares amounting to ₹6.81 crore. The Tribunal held that although the assessee had initially debited the loss to the Profit & Loss Account and adjusted it against business loss, such

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