https://www.taxtmi.com/caselaws?id=15811 The court ruled in favor of the Revenue, denying the assessee's claim to set off a loss against capital gains for the assessment year 1975-76. It held that the loss claimed did not qualify as a capital loss under section 45 of the Income-tax Act as there was no transfer of capital assets involved. The court emphasized the requirement of a transfer for a loss to be considered a capital loss and rejected the assessee's arguments based on the Commissioner's order allowing the loss to be carried forward. The court awarded costs to the Revenue, answering all three questions of law in their favor. en-us Tue, 28 Apr 1998 00:00:00 +0530 Sat, 29 Aug 2009 12:50:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15811 The court ruled in favor of the Revenue, denying the assessee's claim to set off a loss against capital gains for the assessment year 1975-76. It held that the loss claimed did not qualify as a capital loss under section 45 of the Income-tax Act as there was no transfer of capital assets involved. The court emphasized the requirement of a transfer for a loss to be considered a capital loss and rejected the assessee's arguments based on the Commissioner's order allowing the loss to be carried forward. The court awarded costs to the Revenue, answering all three questions of law in their favor. Case-Laws Income Tax Tue, 28 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15811