Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (4) TMI 318 - HC - Income TaxRejection of claim – Disallowance of capital loss - Inter-corporate Deposit - Whether the claim is qualified as capital asset u/s 2(14) of the act and transferred as per section 2(47) of the Act – Held that:- The Authorities found that the Assessee has written off the advances of the sum and claimed the same as a capital loss to be carried forward for set off for subsequent years - The details have been noted and equally the relevant legal provisions – the Tribunal found that there is no evidence to show that it is a case of an ICD because before the AO it was claimed that the loss was on account of writing off of the advances given to M/s Bharat Starch Industries Limited and M/s JCT Limited - Then it was claimed that the advances were written off - There is no material to show that the case of ICD has been made out - The loans cannot be termed or construed as capital assets - the findings of fact rendered in the peculiar factual backdrop do no give rise to any substantial question of law for consideration – Decided against Assessee.
|