https://www.taxtmi.com/caselaws?id=12448 The High Court upheld the Tribunal's decision, ruling in favor of the assessee and allowing the claim of short-term capital loss in share transactions. The court emphasized that the rejection of the claim based solely on the absence of balance-sheets was incorrect and that the Explanation to section 73 did not apply as the assessee was not classified as an investment company. The decision was supported by the similarity to a previous assessment year where a similar argument was accepted by the Commissioner of Income-tax (Appeals). en-us Wed, 26 Sep 2001 00:00:00 +0530 Thu, 25 Feb 2010 15:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12448 The High Court upheld the Tribunal's decision, ruling in favor of the assessee and allowing the claim of short-term capital loss in share transactions. The court emphasized that the rejection of the claim based solely on the absence of balance-sheets was incorrect and that the Explanation to section 73 did not apply as the assessee was not classified as an investment company. The decision was supported by the similarity to a previous assessment year where a similar argument was accepted by the Commissioner of Income-tax (Appeals). Case-Laws Income Tax Wed, 26 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12448