2015 (10) TMI 2812 - HC - Income Tax

Short term capital loss on account of forfeiture of share warrants - whether the share warrants could be treated as a capital asset under Section 2(14)? - HELD THAT - As decided in SHRI CHAND RATAN BAGRI 2010 (1) TMI 123 - DELHI HIGH COURT the share warrant is a capital asset. It is stated that the Revenue has not filed an appeal against the said judgement on account of the low tax effect. Since the aforementioned judgment of this Court holds the field, no substantial question of law arises in this appeal.

Summary

The Delhi High Court dismissed the Revenue's appeal under Section 260A of the Income Tax Act, 1961 against the ITAT's order regarding the treatment of share warrants as a capital asset. The ITAT's decision was based on a previous judgment by the court, and as no substantial question of law arose, the appeal was dismissed.