https://www.taxtmi.com/caselaws?id=456592 The ITAT Chandigarh allowed the assessee's appeal regarding treatment of loss from fall in equity share value. The assessee computed a fall in share value of Rs 2,72,36,160 based on market quotation difference between cum-right price (Rs 610) and ex-right price (Rs 400) per share, resulting in net business loss of Rs 1,94,54,400. Following Supreme Court precedent in Dhun Dadabhoy Kapadia case, the tribunal held that business profits must be computed commercially considering relevant accounting principles, regardless of whether shares are held as stock-in-trade or investment. The tribunal directed the AO to allow carry forward of business loss to subsequent years. en-us Thu, 12 Oct 2023 00:00:00 +0530 Fri, 02 Aug 2024 20:16:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456592 The ITAT Chandigarh allowed the assessee's appeal regarding treatment of loss from fall in equity share value. The assessee computed a fall in share value of Rs 2,72,36,160 based on market quotation difference between cum-right price (Rs 610) and ex-right price (Rs 400) per share, resulting in net business loss of Rs 1,94,54,400. Following Supreme Court precedent in Dhun Dadabhoy Kapadia case, the tribunal held that business profits must be computed commercially considering relevant accounting principles, regardless of whether shares are held as stock-in-trade or investment. The tribunal directed the AO to allow carry forward of business loss to subsequent years. Case-Laws Income Tax Thu, 12 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456592