https://www.taxtmi.com/caselaws?id=36500 A loss arising from settlement of a loan by accepting shares at a value below market price was treated as a business loss where the transaction was entered into for commercial expediency and to preserve business relations. The shares were not acquired as an investment, and the readjustment of the debt occurred in the course of the assessee's business dealings. On those facts, the loss was held to be non-capital in nature and deductible as a trading or business loss under the Indian Income-tax Act, 1922. en-us Wed, 19 Apr 1978 00:00:00 +0530 Mon, 22 Mar 2010 17:04:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36500 A loss arising from settlement of a loan by accepting shares at a value below market price was treated as a business loss where the transaction was entered into for commercial expediency and to preserve business relations. The shares were not acquired as an investment, and the readjustment of the debt occurred in the course of the assessee's business dealings. On those facts, the loss was held to be non-capital in nature and deductible as a trading or business loss under the Indian Income-tax Act, 1922. Case-Laws Income Tax Wed, 19 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36500