https://www.taxtmi.com/caselaws?id=30930 The High Court of HIMACHAL PRADESH ruled in favor of the assessee, a Government owned company, regarding the interpretation of the Income-tax Act, 1961. The Court upheld the Tribunal's decision to treat the loss on shares held in a subsidiary company that was wound up as a trading loss, allowing the deletion of bad debts written off by the assessee. The judgment emphasized that once a company is wound up, trading in its shares is not possible, supporting the assessee's position and directing the Registrar General to inform the Income-tax Appellate Tribunal of the decision. en-us Wed, 30 Apr 2008 00:00:00 +0530 Tue, 07 Oct 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30930 The High Court of HIMACHAL PRADESH ruled in favor of the assessee, a Government owned company, regarding the interpretation of the Income-tax Act, 1961. The Court upheld the Tribunal's decision to treat the loss on shares held in a subsidiary company that was wound up as a trading loss, allowing the deletion of bad debts written off by the assessee. The judgment emphasized that once a company is wound up, trading in its shares is not possible, supporting the assessee's position and directing the Registrar General to inform the Income-tax Appellate Tribunal of the decision. Case-Laws Income Tax Wed, 30 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30930