https://www.taxtmi.com/caselaws?id=335718 The High Court partly allowed the revenue's appeal and fully allowed the assessee's cross-objection. The sum of Rs. 37,91,32,586/- was held to be a capital receipt liable to tax as long-term capital gain. The claim for bad debt of Rs. 14,22,98,000/- was upheld, and the deduction under Section 80HHB was allowed. The High Court found that the cost of acquisition became zero when the debt was written off, and the entire amount should be taxed as long-term capital gain without deduction. en-us Tue, 29 Nov 2016 00:00:00 +0530 Wed, 07 Dec 2016 19:47:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335718 The High Court partly allowed the revenue's appeal and fully allowed the assessee's cross-objection. The sum of Rs. 37,91,32,586/- was held to be a capital receipt liable to tax as long-term capital gain. The claim for bad debt of Rs. 14,22,98,000/- was upheld, and the deduction under Section 80HHB was allowed. The High Court found that the cost of acquisition became zero when the debt was written off, and the entire amount should be taxed as long-term capital gain without deduction. Case-Laws Income Tax Tue, 29 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335718