https://www.taxtmi.com/caselaws?id=25866 The High Court of Calcutta ruled in favor of the assessee on both issues, affirming the decisions of the Tribunal. Regarding the assessment of capital loss as a business loss for shares sold, the Court found that the Revenue failed to provide evidence challenging the Tribunal's decision, leading to the rejection of Revenue's contentions. On the entitlement to tax credit for dividends on shares held by banks, the Court held that the assessee, recognized as the beneficial owner by the Revenue, was entitled to the tax credit as per relevant provisions of the Income-tax Act. en-us Wed, 25 Feb 1987 00:00:00 +0530 Mon, 01 Feb 2010 13:35:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25866 The High Court of Calcutta ruled in favor of the assessee on both issues, affirming the decisions of the Tribunal. Regarding the assessment of capital loss as a business loss for shares sold, the Court found that the Revenue failed to provide evidence challenging the Tribunal's decision, leading to the rejection of Revenue's contentions. On the entitlement to tax credit for dividends on shares held by banks, the Court held that the assessee, recognized as the beneficial owner by the Revenue, was entitled to the tax credit as per relevant provisions of the Income-tax Act. Case-Laws Income Tax Wed, 25 Feb 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25866