2013 (8) TMI 41 - HC - Income Tax

Capital loss - speculation loss or not - Sale of partly convertible debenture - Held that - Following decision of Commissioner of Income Tax Vs. New Ambadi Estates (P) Ltd. 2012 (3) TMI 79 - MADRAS HIGH COURT - Decided against Revenue.

Summary

The High Court of Madras dismissed the Tax Case (Appeals) filed by the Revenue regarding the loss incurred by the assessee in the alleged sale of partly convertible debenture, stating that the issue was covered against the Revenue by a previous court decision. The Tribunal's conclusion that the loss was a capital loss and not speculation loss was upheld.