https://www.taxtmi.com/caselaws?id=19578 The Tribunal treated the capital loss claim as bona fide because the debtor company was virtually insolvent, the assessee accepted shares only to salvage remaining value, and the later sale at a loss was not a sham device to evade tax. The reasoning also noted that the debt could have been written off as a bad debt and claimed as business loss, supporting the genuineness of the transaction. On that material, the High Court found the Tribunal's view well reasoned and free from infirmity, and held that no question of law arose. The disallowance of the capital loss was therefore not interfered with, and the assessee succeeded. en-us Fri, 21 Oct 1994 00:00:00 +0530 Sat, 07 Nov 2009 11:31:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19578 The Tribunal treated the capital loss claim as bona fide because the debtor company was virtually insolvent, the assessee accepted shares only to salvage remaining value, and the later sale at a loss was not a sham device to evade tax. The reasoning also noted that the debt could have been written off as a bad debt and claimed as business loss, supporting the genuineness of the transaction. On that material, the High Court found the Tribunal's view well reasoned and free from infirmity, and held that no question of law arose. The disallowance of the capital loss was therefore not interfered with, and the assessee succeeded. Case-Laws Income Tax Fri, 21 Oct 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19578