https://www.taxtmi.com/caselaws?id=286015 The ITAT allowed the revenue's appeal against the CIT(A)'s order for AY 2005-06, denying the assessee's claim of long term and short term capital losses. The dispute centered on whether the cancellation of shares by the foreign company constituted a transfer of capital assets under section 2(47) of the Act. The ITAT upheld the AO's jurisdiction under section 147, emphasizing the correct interpretation of the Income Tax Act provisions in assessing income escapement and capital losses. en-us Mon, 18 Jan 2016 00:00:00 +0530 Sat, 08 Feb 2020 07:30:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286015 The ITAT allowed the revenue's appeal against the CIT(A)'s order for AY 2005-06, denying the assessee's claim of long term and short term capital losses. The dispute centered on whether the cancellation of shares by the foreign company constituted a transfer of capital assets under section 2(47) of the Act. The ITAT upheld the AO's jurisdiction under section 147, emphasizing the correct interpretation of the Income Tax Act provisions in assessing income escapement and capital losses. Case-Laws Income Tax Mon, 18 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286015