Deposits made by assessee in Krishi Bank were fixed deposit ...

Fixed deposits in Krishi Bank treated as investments; loss on liquidation is capital, not business loss.

Case Laws Income Tax

November 26, 2024

Deposits made by assessee in Krishi Bank were fixed deposit investments, not trading activity. Loss suffered when bank went into liquidation is capital loss, not business loss u/s 28 or bad debt u/s 36(1)(vii). Assessing Officer and appellate authorities rightly treated loss as capital loss based on evidence. No substantial question of law arises for adjudication u/s 260A as it involves findings of fact which cannot be re-adjudicated in appeal. Substantial question of law answered against assessee in favor of revenue.

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Deposits made by assessee in Krishi Bank were fixed deposit ...

Fixed deposits in Krishi Bank treated as investments; loss on liquidation is capital, not business loss.

Case Laws Income Tax

November 26, 2024

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