https://www.taxtmi.com/caselaws?id=205229 The tribunal upheld the CIT(A)'s decision to treat the transaction as a slump sale under Section 50B of the Income Tax Act, disallowing the long-term capital loss claim by the assessee. Additionally, the tribunal ruled against the assessee's claim of bad debts/deductions under Section 37(1), stating that the advances were capital in nature and not deductible as bad debts or business expenses. The appeal of the assessee was dismissed, and the decision was pronounced on 23.7.2010. en-us Fri, 23 Jul 2010 00:00:00 +0530 Wed, 08 Aug 2012 18:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205229 The tribunal upheld the CIT(A)'s decision to treat the transaction as a slump sale under Section 50B of the Income Tax Act, disallowing the long-term capital loss claim by the assessee. Additionally, the tribunal ruled against the assessee's claim of bad debts/deductions under Section 37(1), stating that the advances were capital in nature and not deductible as bad debts or business expenses. The appeal of the assessee was dismissed, and the decision was pronounced on 23.7.2010. Case-Laws Income Tax Fri, 23 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205229