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2011 (5) TMI 686 - AT - Income TaxDeduction of bad debts under section 36(1)(vii)of the Income Tax Act - ordinary business transaction - Shares were shown under the head “investments non-trade” in Schedule 5 to the balance sheet - assessee had declared the loss arising on the sale of the shares under the head “capital gains” in the return filed - if assessee did not claim the benefit of cost indexation while computing the long term capital loss on the sale of shares, it does not mean that assessee treated the sale of shares as sale of business asset – not an ordinary business transaction – deduction is not allowed - appeal is allowed
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