https://www.taxtmi.com/caselaws?id=311955 Interest paid for delayed service tax was treated as compensatory rather than penal, so it was allowable as a deduction. Reduction of share capital was held to amount to a transfer under section 2(47) because the shareholder's rights were extinguished and replaced, supporting long-term capital loss. Rent, water charges and property tax were allowed as ascertained business expenditure because the liability had crystallised. Retainership fee was disallowed for lack of supporting evidence. The claim for short-term capital loss on share purchase was rejected as a colourable device lacking commercial realism. en-us Wed, 20 Jan 2010 00:00:00 +0530 Wed, 24 Jan 2024 15:18:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311955 Interest paid for delayed service tax was treated as compensatory rather than penal, so it was allowable as a deduction. Reduction of share capital was held to amount to a transfer under section 2(47) because the shareholder's rights were extinguished and replaced, supporting long-term capital loss. Rent, water charges and property tax were allowed as ascertained business expenditure because the liability had crystallised. Retainership fee was disallowed for lack of supporting evidence. The claim for short-term capital loss on share purchase was rejected as a colourable device lacking commercial realism. Case-Laws Income Tax Wed, 20 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311955