https://www.taxtmi.com/caselaws?id=10321 The court dismissed the appeal in a case concerning the disallowance of capital loss claimed by the assessee for a debt written off from a sick industry under rehabilitation. The court held that there was no extinguishment of the capital asset during the relevant period as the rehabilitation scheme maintained debts due to creditors from the sick industry. Despite arguments regarding the transfer of the capital asset due to the extinguishment of the right to recover the loan amount following the rehabilitation order, the court upheld the Tribunal's decision, ultimately leading to the dismissal of the appeal. en-us Wed, 10 Nov 2004 00:00:00 +0530 Mon, 13 Jul 2009 17:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10321 The court dismissed the appeal in a case concerning the disallowance of capital loss claimed by the assessee for a debt written off from a sick industry under rehabilitation. The court held that there was no extinguishment of the capital asset during the relevant period as the rehabilitation scheme maintained debts due to creditors from the sick industry. Despite arguments regarding the transfer of the capital asset due to the extinguishment of the right to recover the loan amount following the rehabilitation order, the court upheld the Tribunal's decision, ultimately leading to the dismissal of the appeal. Case-Laws Income Tax Wed, 10 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10321