https://www.taxtmi.com/caselaws?id=168660 Loss on debentures acquired as an investment, and not as part of a money-lending business, was treated as a capital loss rather than a loss of profits or gains under the heads of income. Because the factual findings showed no connection with the assessee's business, the loss could not be set off under Section 24(1) of the Indian Income-tax Act, 1922. Section 8 on interest from securities did not provide any allowance for such a capital loss. The reference was answered against the assessee and in favour of the Revenue. en-us Thu, 12 Mar 1936 00:00:00 +0530 Thu, 19 Mar 2015 17:32:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168660 Loss on debentures acquired as an investment, and not as part of a money-lending business, was treated as a capital loss rather than a loss of profits or gains under the heads of income. Because the factual findings showed no connection with the assessee's business, the loss could not be set off under Section 24(1) of the Indian Income-tax Act, 1922. Section 8 on interest from securities did not provide any allowance for such a capital loss. The reference was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Thu, 12 Mar 1936 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168660