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of <h1>High Court rules in favor of assessee, upholding capital loss over speculation loss in tax case appeal.</h1> 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 ... 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. 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.
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