https://www.taxtmi.com/caselaws?id=28228 The court ruled in favor of the Department and against the assessee on all issues, affirming the Tribunal's decisions. The deduction claim for bad debt under section 36(1)(vii) was rejected due to insufficient evidence of the debt becoming bad in the relevant years. The capital loss claim on revaluation of shares was disallowed as capital losses are not allowable for computing taxable income. The assessability of Rs. 1,97,479 as capital gains was canceled as it did not represent the market value of assets received in specie. Each party was directed to bear its own costs. en-us Wed, 03 Feb 1982 00:00:00 +0530 Fri, 19 Feb 2010 17:38:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28228 The court ruled in favor of the Department and against the assessee on all issues, affirming the Tribunal's decisions. The deduction claim for bad debt under section 36(1)(vii) was rejected due to insufficient evidence of the debt becoming bad in the relevant years. The capital loss claim on revaluation of shares was disallowed as capital losses are not allowable for computing taxable income. The assessability of Rs. 1,97,479 as capital gains was canceled as it did not represent the market value of assets received in specie. Each party was directed to bear its own costs. Case-Laws Income Tax Wed, 03 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28228