https://www.taxtmi.com/caselaws?id=235746 A dispute over loss on partly convertible debentures turned on whether the transaction resulted in a capital loss or a speculation loss under the Income Tax Act. The Tribunal found that delivery of securities had occurred, so the loss did not fall within the definition of speculation loss under Section 43(5), and treated the loss as capital in nature. On appeal, the Revenue accepted that the issue was covered by the Court's earlier binding decision in Commissioner of Income Tax v. New Ambadi Estates (P) Ltd., and the Court dismissed the appeals without reopening the merits. The Tribunal's findings were sustained on the basis of that precedent. en-us Mon, 22 Jul 2013 00:00:00 +0530 Fri, 02 Aug 2013 06:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235746 A dispute over loss on partly convertible debentures turned on whether the transaction resulted in a capital loss or a speculation loss under the Income Tax Act. The Tribunal found that delivery of securities had occurred, so the loss did not fall within the definition of speculation loss under Section 43(5), and treated the loss as capital in nature. On appeal, the Revenue accepted that the issue was covered by the Court's earlier binding decision in Commissioner of Income Tax v. New Ambadi Estates (P) Ltd., and the Court dismissed the appeals without reopening the merits. The Tribunal's findings were sustained on the basis of that precedent. Case-Laws Income Tax Mon, 22 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235746