https://www.taxtmi.com/caselaws?id=33115 The court upheld the Tribunal's decision, ruling in favor of the investment company (assessee) in a tax appeal case. The court determined that the assessee was entitled to the claimed short term capital loss of Rs.7,03,96,560, arising from the renunciation of rights to receive debentures. The Assessing Officer's disallowance of the loss was overturned, affirming that the provisions of the Income-tax Act supported the assessee's entitlement to the claimed loss. The court emphasized the retrospective nature of legislative amendments related to the cost of acquisition in determining the capital gain or loss, ultimately dismissing the Revenue's appeals. en-us Mon, 16 Feb 2009 00:00:00 +0530 Fri, 28 Dec 2012 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33115 The court upheld the Tribunal's decision, ruling in favor of the investment company (assessee) in a tax appeal case. The court determined that the assessee was entitled to the claimed short term capital loss of Rs.7,03,96,560, arising from the renunciation of rights to receive debentures. The Assessing Officer's disallowance of the loss was overturned, affirming that the provisions of the Income-tax Act supported the assessee's entitlement to the claimed loss. The court emphasized the retrospective nature of legislative amendments related to the cost of acquisition in determining the capital gain or loss, ultimately dismissing the Revenue's appeals. Case-Laws Income Tax Mon, 16 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33115