https://www.taxtmi.com/caselaws?id=329259 The Tribunal allowed the appeal, overturning the disallowance of the short term capital loss claimed by the chemical manufacturer on the sale of plant & machinery. The Tribunal found no justification to reject the declared sale value, emphasizing the lack of contradicting evidence and disagreeing with the Assessing Officer's reasoning for disallowance. The decision, made on May 20, 2016, directed the Assessing Officer to accept the claimed loss under section 50 of the Income-tax Act, 1961 for the assessment year 2007-08. en-us Fri, 20 May 2016 00:00:00 +0530 Mon, 27 Jun 2016 07:21:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329259 The Tribunal allowed the appeal, overturning the disallowance of the short term capital loss claimed by the chemical manufacturer on the sale of plant & machinery. The Tribunal found no justification to reject the declared sale value, emphasizing the lack of contradicting evidence and disagreeing with the Assessing Officer's reasoning for disallowance. The decision, made on May 20, 2016, directed the Assessing Officer to accept the claimed loss under section 50 of the Income-tax Act, 1961 for the assessment year 2007-08. Case-Laws Income Tax Fri, 20 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329259