https://www.taxtmi.com/caselaws?id=265736 The High Court remanded a case involving a non-banking financial company's loss from the forfeiture of share application money back to the assessing officer. The Court emphasized the significance of considering the Residuary Non-Banking Companies (Reserve Bank) Directions, 1987 in determining the nature of the loss. The assessing officer was directed to reevaluate the case within four months, taking into account these provisions and allowing the appellant to present their case accordingly. The Court stressed the importance of a detailed analysis before classifying such losses as capital or business losses. en-us Mon, 14 Sep 2015 00:00:00 +0530 Thu, 15 Oct 2015 06:21:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265736 The High Court remanded a case involving a non-banking financial company's loss from the forfeiture of share application money back to the assessing officer. The Court emphasized the significance of considering the Residuary Non-Banking Companies (Reserve Bank) Directions, 1987 in determining the nature of the loss. The assessing officer was directed to reevaluate the case within four months, taking into account these provisions and allowing the appellant to present their case accordingly. The Court stressed the importance of a detailed analysis before classifying such losses as capital or business losses. Case-Laws Income Tax Mon, 14 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265736