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2008 (2) TMI 386 - HC - Income TaxLoss on account of forfeiture of share application money of the assessee - consequent to the assessee’s default in not paying the balance of money on allotment, its right in the shares stood extinguished on its forfeiture - loss suffered by the assessee, i.e, non-recovery of share application money is consequent to the forfeiture of its right in the shares and the same is to be understood to be within the scope and ambit of transfer - Tribunal was justified in holding that it would amount to short-term capital loss to the assessee
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