https://www.taxtmi.com/caselaws?id=65247 Loss arising on actual sale of investments was treated as capital in nature, not a mere revenue loss, so it was eligible to be carried forward in accordance with law. The valuation loss on shares received on conversion of debentures was also allowed because the assessee had treated the instruments as stock-in-trade, earned business income from them, and valued closing stock at cost or market value, whichever was lower. The allegation of a colourable device was rejected because the facts supported bona fide trading treatment and did not show any relationship undermining that character. en-us Tue, 21 May 2002 00:00:00 +0530 Mon, 14 Feb 2011 14:00:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65247 Loss arising on actual sale of investments was treated as capital in nature, not a mere revenue loss, so it was eligible to be carried forward in accordance with law. The valuation loss on shares received on conversion of debentures was also allowed because the assessee had treated the instruments as stock-in-trade, earned business income from them, and valued closing stock at cost or market value, whichever was lower. The allegation of a colourable device was rejected because the facts supported bona fide trading treatment and did not show any relationship undermining that character. Case-Laws Income Tax Tue, 21 May 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65247