https://www.taxtmi.com/caselaws?id=245847 The Court dismissed the Appeal challenging the rejection of a capital loss claim for the Assessment Year 2002-2003. The Appellant's argument that advances written off should be considered Inter-corporate Deposits (ICDs) as capital assets was rejected. The Tribunal found no evidence to support the claim, emphasizing that the loans were not ordinary business transactions and did not qualify as capital assets under the Income Tax Act, 1961. The Court concluded that the Appeal did not raise any substantial question of law and was dismissed without costs. en-us Tue, 25 Mar 2014 00:00:00 +0530 Sat, 21 Feb 2015 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245847 The Court dismissed the Appeal challenging the rejection of a capital loss claim for the Assessment Year 2002-2003. The Appellant's argument that advances written off should be considered Inter-corporate Deposits (ICDs) as capital assets was rejected. The Tribunal found no evidence to support the claim, emphasizing that the loans were not ordinary business transactions and did not qualify as capital assets under the Income Tax Act, 1961. The Court concluded that the Appeal did not raise any substantial question of law and was dismissed without costs. Case-Laws Income Tax Tue, 25 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245847