https://www.taxtmi.com/caselaws?id=13934 The High Court upheld the disallowance of a claimed loss as a capital loss, ruling in favor of the Revenue. The case involved a public limited company claiming a bad debt written off as a capital loss, which was disputed by tax authorities as a security deposit. The court agreed with the Assessing Officer's classification of the amount as a deposit, not a bad debt, based on contractual terms indicating it was adjustable against the purchase of an asset. Legal precedents were cited to differentiate between capital and revenue losses, ultimately affirming the decision to disallow the claimed loss as a capital loss. en-us Tue, 31 Oct 2000 00:00:00 +0530 Mon, 06 Jul 2009 11:46:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13934 The High Court upheld the disallowance of a claimed loss as a capital loss, ruling in favor of the Revenue. The case involved a public limited company claiming a bad debt written off as a capital loss, which was disputed by tax authorities as a security deposit. The court agreed with the Assessing Officer's classification of the amount as a deposit, not a bad debt, based on contractual terms indicating it was adjustable against the purchase of an asset. Legal precedents were cited to differentiate between capital and revenue losses, ultimately affirming the decision to disallow the claimed loss as a capital loss. Case-Laws Income Tax Tue, 31 Oct 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13934