https://www.taxtmi.com/caselaws?id=33346 The court ruled in favor of the appellant, determining that the loss incurred due to the forfeiture of share application money constituted a short-term capital loss under the Income-tax Act, 1961. The decision was based on the appellant acquiring rights in the shares upon allotment, regardless of full payment, and the subsequent extinguishment of those rights through forfeiture falling within the definition of transfer as per section 2(47) of the Act. The judgment emphasized the inclusive nature of the definition of 'transfer' and cited relevant case law to support the ruling in favor of the appellant. en-us Tue, 05 Feb 2008 00:00:00 +0530 Wed, 06 May 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33346 The court ruled in favor of the appellant, determining that the loss incurred due to the forfeiture of share application money constituted a short-term capital loss under the Income-tax Act, 1961. The decision was based on the appellant acquiring rights in the shares upon allotment, regardless of full payment, and the subsequent extinguishment of those rights through forfeiture falling within the definition of transfer as per section 2(47) of the Act. The judgment emphasized the inclusive nature of the definition of 'transfer' and cited relevant case law to support the ruling in favor of the appellant. Case-Laws Income Tax Tue, 05 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33346