2001 (2) TMI 87 - HC - Income Tax

Summary

The High Court of Delhi declined to answer a question referred by the Income-tax Appellate Tribunal regarding the allowance of a short term capital loss of Rs. 2,62,658 in the assessment year 1975-76. The Tribunal determined that the loss should be allowed in 1975-76, based on the last payment made in January 1974. The Court found the conclusion to be factual and not a question of law.