https://www.taxtmi.com/caselaws?id=349322 The appeal was allowed in favor of the assessee concerning the validity of the order under section 263 and the treatment of the loss as a notional loss. The High Court and ITAT held that the loss on transfer of securities was an allowable deduction, setting aside the CIT's order and emphasizing that the loss claimed was permissible. The judgment referenced a similar case involving HDFC Bank, supporting the assessee's position. Consequently, the appeal for the assessment year 2010-2011 was allowed, invalidating the CIT's exercise of power under section 263. en-us Wed, 31 May 2017 00:00:00 +0530 Wed, 11 Oct 2017 06:12:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349322 The appeal was allowed in favor of the assessee concerning the validity of the order under section 263 and the treatment of the loss as a notional loss. The High Court and ITAT held that the loss on transfer of securities was an allowable deduction, setting aside the CIT's order and emphasizing that the loss claimed was permissible. The judgment referenced a similar case involving HDFC Bank, supporting the assessee's position. Consequently, the appeal for the assessment year 2010-2011 was allowed, invalidating the CIT's exercise of power under section 263. Case-Laws Income Tax Wed, 31 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349322