February 2019

Loss Capital or revenue loss Investment in shares as stock-in-trade Loss in sale of portion of shares Transaction in course of business Revenue in nature Not capital loss

K. B. Bhujle
Advocate

46.  Calibre Financial Services Ltd. vs. ACIT; 409 ITR 410 (Mad) Date of the order: 31st October, 2018 A. Y. 2001-02 Section 45 of ITA 1961


Loss Capital or revenue loss Investment in shares as stock-in-trade Loss in sale of portion of shares Transaction in course of business Revenue in nature Not capital loss

 

The assessee was engaged in financial advisory and syndication services and the memorandum of association of the company authorised it to deal in shares and stocks. For the A. Y. 2001-02, the Assessing Officer treated the loss that arose from the transaction of sale of mutual fund units as capital loss as against the claim of the assesee that it was revenue loss and passed an order u/s. 143(3) of the Act accordingly.

 

The Commissioner (Appeals) allowed the ap

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