https://www.taxtmi.com/caselaws?id=37338 The case involved a dispute over whether the loss incurred by an assessee-company on shares of a company in liquidation should be classified as a revenue loss or a capital loss for tax purposes. The Tribunal and High Court ruled in favor of the assessee, allowing the loss as a revenue loss. They considered factors such as the bona fide nature of the purchase, proper accounting procedures, and the pricing of the shares. The courts emphasized that the shares were held for trading purposes, leading to the decision that the loss should be treated as a revenue loss. en-us Tue, 09 Jan 1979 00:00:00 +0530 Mon, 29 Mar 2010 11:32:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37338 The case involved a dispute over whether the loss incurred by an assessee-company on shares of a company in liquidation should be classified as a revenue loss or a capital loss for tax purposes. The Tribunal and High Court ruled in favor of the assessee, allowing the loss as a revenue loss. They considered factors such as the bona fide nature of the purchase, proper accounting procedures, and the pricing of the shares. The courts emphasized that the shares were held for trading purposes, leading to the decision that the loss should be treated as a revenue loss. Case-Laws Income Tax Tue, 09 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37338