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2002 (12) TMI 61 - MADRAS HIGH COURTThe assessee is a partner in a firm by name Express Traders and it transferred its interest in the firm to another company for a consideration of Rs. 30,000. The assessee during the course of assessment proceedings for the assessment year 1982-83 claimed short-term capital loss and long-term capital lossi - It is impermissible for the assessee to claim that the losses which were already adjusted should once again be considered in its individual assessment as a capital loss, viz., either short-term or long-term capital. Moreover, the alleged losses never arose as there was no transfer of any capital and hence the assessee is ineligible to claim the same as capital loss. We find that the view of the Tribunal that the assessee has not suffered any loss when it received the sum of Rs. 30,000 at the time of retirement is perfectly in order and we do not find any question of law, much less a substantial question of law, warranting interference by us in the order of the Tribunal.
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