https://www.taxtmi.com/caselaws?id=4563 The HC upheld rejection of the business-loss claim on film exhibition receipts, finding that the assessee failed to prove the identity of intermediaries, the genuineness of receipts, or the nature of the sums, and the amount was therefore treated as unexplained cash credit. It also upheld disallowance of the loss on "Kasturi Vijayam" under Rule 9-B, since the statutory conditions were not established. The loss on sale of shares was also rejected for want of commercial genuineness and bona fide purpose. However, the capital gain on sale of immovable property was held to be long-term, as the holding period ran from the earlier agreement and possession under the same transaction, not from later registration. en-us Tue, 23 Oct 2007 00:00:00 +0530 Tue, 14 Jun 2011 04:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=4563 The HC upheld rejection of the business-loss claim on film exhibition receipts, finding that the assessee failed to prove the identity of intermediaries, the genuineness of receipts, or the nature of the sums, and the amount was therefore treated as unexplained cash credit. It also upheld disallowance of the loss on "Kasturi Vijayam" under Rule 9-B, since the statutory conditions were not established. The loss on sale of shares was also rejected for want of commercial genuineness and bona fide purpose. However, the capital gain on sale of immovable property was held to be long-term, as the holding period ran from the earlier agreement and possession under the same transaction, not from later registration. Case-Laws Income Tax Tue, 23 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=4563