Case Law Details
Case Name : Bennett Coleman & Co. Ltd Vs ACIT (ITAT Mumbai)
Related Assessment Year : 2002- 03
Courts :
All ITAT ITAT Mumbai
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Bennett Coleman & Co. Ltd Vs ACIT (ITAT Mumbai Special Bench)- Whether the CIT(A) was justified in declaring long term capital loss of Rs. 22,21,85,693/- on account of reduction in paid up equity share capital – the loss arising on account of reduction in share capital cannot be subjected to provisions of sec.45 r.w.s. 48 and, accordingly, such loss is not allowable as capital loss. At best such loss can be described as notional loss and it is settled principle that no
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