https://www.taxtmi.com/caselaws?id=27631 Loss from the sale of National Defence Remittance Certificates was not treated as a business loss because the assessee failed to show that the purchase and sale of the certificates were necessary or integral to its import and export business. The transactions did not establish a distinct business activity or sufficient business nexus. Section 2(42A) of the Income-tax Act, 1961 treated the certificates as long-term capital assets for the relevant period, so the resulting loss remained capital in nature and could not be reclassified as business loss. en-us Tue, 17 Apr 1984 00:00:00 +0530 Mon, 15 Feb 2010 11:12:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27631 Loss from the sale of National Defence Remittance Certificates was not treated as a business loss because the assessee failed to show that the purchase and sale of the certificates were necessary or integral to its import and export business. The transactions did not establish a distinct business activity or sufficient business nexus. Section 2(42A) of the Income-tax Act, 1961 treated the certificates as long-term capital assets for the relevant period, so the resulting loss remained capital in nature and could not be reclassified as business loss. Case-Laws Income Tax Tue, 17 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27631