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2019 (2) TMI 1141 - HC - Income TaxAllowability of busniss loss on the purchase of Shares on account of diminution value in the Shares - said loss to the extent of about 50% of the purchase value of the Shares by the Assessee Company was deducted by the Appellant/Assessee claiming it as business loss to the Assessee Company - HELD THAT:- we are of the clear opinion that the findings arrived at by the Tribunal and the Authorities below are essentially the findings of fact and business loss in question as claimed by the Assessee by merely devaluing the book value of the Shares purchased by them, during the year in question could not have been claimed by the Assessee as business loss in the year in question. Tribunal, therefore, was justified in disallowing the same and therefore, the Tax Case filed by the assessee has no merit and it deserves to be dismissed.
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