https://www.taxtmi.com/caselaws?id=10607 The court upheld the Assessing Officer's decision treating the loss from land transfer as a capital loss, emphasizing the land's capital asset nature. It supported the Tribunal's allocation of purchase consideration for a business division based on the available evidence, dismissing the appellant's claim for additional revenue expenditure. Regarding the disallowance of Diwali expenses, the court acknowledged a substantial legal question and agreed to further review the justification under Rule 6B. en-us Thu, 09 Sep 2004 00:00:00 +0530 Mon, 20 Jul 2009 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10607 The court upheld the Assessing Officer's decision treating the loss from land transfer as a capital loss, emphasizing the land's capital asset nature. It supported the Tribunal's allocation of purchase consideration for a business division based on the available evidence, dismissing the appellant's claim for additional revenue expenditure. Regarding the disallowance of Diwali expenses, the court acknowledged a substantial legal question and agreed to further review the justification under Rule 6B. Case-Laws Income Tax Thu, 09 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10607