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2011 (7) TMI 544 - HC - Income TaxLoss suffered on sale of shares - business loss or a loss under the head capital gains - Held that:- It is not in dispute that the Tribunal had found, that the assessee had made the investments only due to commercial expediency - As deicded in Patnaik & Co. Ltd., V. Commissioner of Income Tax, Orissa (1986 (7) TMI 6 - SUPREME Court) held that "Where Government bonds or securities are purchased by an assessee with a view to increasing his business with the Government or with the object of retaining the goodwill of the authorities for the purpose of his business, the loss incurred on the sale of such bonds or securities is allowable as a business loss" - Decided in favour of assessee.
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