https://www.taxtmi.com/caselaws?id=36282 The court upheld the decision in favor of the assessee, ruling that the extinguishment of rights in the promissory note under the approved scheme constituted a transfer backed by consideration. The assessee was entitled to claim the short-term capital loss, rejecting the revenue's argument that the transfer lacked consideration. The court found the previous case law (CIT v. R. M. Amin) not applicable to the present case, ultimately favoring the assessee in this matter. en-us Fri, 29 Aug 1980 00:00:00 +0530 Sat, 20 Mar 2010 13:51:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36282 The court upheld the decision in favor of the assessee, ruling that the extinguishment of rights in the promissory note under the approved scheme constituted a transfer backed by consideration. The assessee was entitled to claim the short-term capital loss, rejecting the revenue's argument that the transfer lacked consideration. The court found the previous case law (CIT v. R. M. Amin) not applicable to the present case, ultimately favoring the assessee in this matter. Case-Laws Income Tax Fri, 29 Aug 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36282