https://www.taxtmi.com/caselaws?id=10955 Shares acquired in furtherance of the assessee's promotional and developmental objects, subject to restrictions on membership, transfer and withdrawal, were treated as capital investment rather than trading or circulating capital. On that basis, the write-off of their value could not be claimed as a revenue loss or business expenditure. The book revaluation of those shares also did not create a deductible capital loss, because no transfer, sale, relinquishment or extinguishment of the shares or attached rights had occurred. Mere diminution in book value of an existing capital asset was insufficient to generate an allowable deduction or capital loss. en-us Tue, 08 Jun 2004 00:00:00 +0530 Tue, 28 Jul 2009 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10955 Shares acquired in furtherance of the assessee's promotional and developmental objects, subject to restrictions on membership, transfer and withdrawal, were treated as capital investment rather than trading or circulating capital. On that basis, the write-off of their value could not be claimed as a revenue loss or business expenditure. The book revaluation of those shares also did not create a deductible capital loss, because no transfer, sale, relinquishment or extinguishment of the shares or attached rights had occurred. Mere diminution in book value of an existing capital asset was insufficient to generate an allowable deduction or capital loss. Case-Laws Income Tax Tue, 08 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10955