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<h1>Court rules loss on sale of securities by private company as capital loss, not deductible. Tribunal favors tax department.</h1> The High Court of Allahabad upheld that the loss on sale of securities by a private limited company was a capital loss, not allowable as a revenue ... Capital Loss, Capital Or Revenue Expenditure, Manufacture And Sale, Purchase And Sale, Trading Loss The High Court of Allahabad upheld the decision that the loss on sale of securities by a private limited company was a capital loss and not allowable as a revenue deduction for the assessment years 1965-66 and 1966-67. The court found that the securities were not trading assets but investments of a capital nature. The Tribunal's decision was in favor of the department and against the assessee. The court also answered two other questions in favor of the department. The Commissioner was awarded costs of Rs. 200.
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