https://www.taxtmi.com/caselaws?id=61971 The Tribunal held that the assessee's claim for a capital loss of Rs. 7,50,000 should be disallowed for income tax purposes. It was determined that the write-off of the loan did not amount to a transfer of a capital asset as required by the Income Tax Act. Despite the loan being declared irrecoverable and written off, it was concluded that such action did not constitute a transfer of the asset. Therefore, the deduction claimed by the assessee under the head 'capital gains' was denied, overturning the decision of the CIT (Appeals) and reinstating that of the Assessing Officer. en-us Fri, 16 Feb 2001 00:00:00 +0530 Mon, 17 Jan 2011 13:28:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61971 The Tribunal held that the assessee's claim for a capital loss of Rs. 7,50,000 should be disallowed for income tax purposes. It was determined that the write-off of the loan did not amount to a transfer of a capital asset as required by the Income Tax Act. Despite the loan being declared irrecoverable and written off, it was concluded that such action did not constitute a transfer of the asset. Therefore, the deduction claimed by the assessee under the head 'capital gains' was denied, overturning the decision of the CIT (Appeals) and reinstating that of the Assessing Officer. Case-Laws Income Tax Fri, 16 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61971