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2004 (1) TMI 348 - AT - Income TaxExtract: .......Hon ble Supreme Court in the case of Hasimara Industries Ltd. vs. CIT (1998) 147 CTR (SC) 98 (1998) 230 ITR 927 (SC) also supports the same view. Under the circumstances, I agree with the learned Brother in deciding this issue against the assessee treating it as a capital loss which could not be deducted from the assessee s income as business loss.
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