https://www.taxtmi.com/caselaws?id=410309 The High Court upheld the Tribunal's decision in favor of the assessee, allowing the claims for losses on the revaluation and sale of bonds. The Court agreed that the bonds were rightly treated as current assets, not capital assets, due to the circumstances of their receipt as substitutes for receivables. The Court dismissed the Revenue's appeal, affirming the Tribunal's findings that the losses were business losses, not capital losses, based on the assessee's consistent accounting treatment and the purpose of selling the bonds to meet working capital needs. en-us Mon, 05 Jul 2021 00:00:00 +0530 Fri, 24 Dec 2021 12:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410309 The High Court upheld the Tribunal's decision in favor of the assessee, allowing the claims for losses on the revaluation and sale of bonds. The Court agreed that the bonds were rightly treated as current assets, not capital assets, due to the circumstances of their receipt as substitutes for receivables. The Court dismissed the Revenue's appeal, affirming the Tribunal's findings that the losses were business losses, not capital losses, based on the assessee's consistent accounting treatment and the purpose of selling the bonds to meet working capital needs. Case-Laws Income Tax Mon, 05 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410309