https://www.taxtmi.com/caselaws?id=30640 The High Court of Madras held that an assessee can claim a capital loss for transferring rights to subscribe to partially convertible debentures. Relying on precedents from the Apex Court and Bombay High Court, the court emphasized deducting the loss from depreciation in old shares from the capital gain realized. The court concluded that the law is well-settled on the matter and dismissed the case, finding no substantial question of law for consideration. en-us Thu, 05 Jul 2007 00:00:00 +0530 Thu, 11 Sep 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30640 The High Court of Madras held that an assessee can claim a capital loss for transferring rights to subscribe to partially convertible debentures. Relying on precedents from the Apex Court and Bombay High Court, the court emphasized deducting the loss from depreciation in old shares from the capital gain realized. The court concluded that the law is well-settled on the matter and dismissed the case, finding no substantial question of law for consideration. Case-Laws Income Tax Thu, 05 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30640