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2005 (8) TMI 50 - HC - Income Tax"(1) Whether Tribunal was justified in confirming the disallowance of commutation charges of Rs. 12,01,782 and in holding that the same was not business loss admissible either under section 28 or section 37 of the Act? (2) Whether Tribunal was justified in rejecting the alternative claim of the appellant to the effect that the same was allowable as deduction under section 57(iii) of the Act? (3) Whether, Tribunal was justified in rejecting the second alternative argument of the appellant to the effect that the said amount represented capital loss under section 45 of the Income-tax Act, 1961, and ought to have been given full effect thereto?" - it is not possible to find any infirmity in the order of the Tribunal, rejecting the claim of the assessee that the amount forgone by the assessee represented capital loss under section 45 - All the three questions are answered in the affirmative i.e., in favour of the Revenue and against the assessee
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