Home Case Index All Cases Income Tax Income Tax + SC Income Tax - 1962 (1) TMI SC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
1962 (1) TMI 11 - SC - Income TaxWhether a loss arising from the sale of certain shares by the respondent company was a capital loss? Held that:- The transaction must be regarded as one on the capital side. Shares were never treated as part of the stock-in-trade. They were not sold in the market, but were sold at a loss to another company belonging to the same group, with the obvious intention of setting off the losses against the profits, thus cancelling the profits, and saving them from taxation. Appeal allowed.
|