https://www.taxtmi.com/caselaws?id=762177 The Telangana HC ruled against the appellant regarding money lost when Krishi Bank was liquidated. The court held that deposits made by the assessee were fixed deposit investments, making the resulting loss a capital loss rather than a trading loss under Section 28 or bad debt under Section 36(i)(vii). The Assessing Officer, appellate authority, and tribunal had consistently found the loss to be capital in nature. The HC determined this factual finding could not be re-examined under Section 260A appeal powers, which have limited scope. The substantial question of law was decided in favor of the revenue department. en-us Fri, 22 Nov 2024 00:00:00 +0530 Sat, 23 Nov 2024 12:27:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762177 The Telangana HC ruled against the appellant regarding money lost when Krishi Bank was liquidated. The court held that deposits made by the assessee were fixed deposit investments, making the resulting loss a capital loss rather than a trading loss under Section 28 or bad debt under Section 36(i)(vii). The Assessing Officer, appellate authority, and tribunal had consistently found the loss to be capital in nature. The HC determined this factual finding could not be re-examined under Section 260A appeal powers, which have limited scope. The substantial question of law was decided in favor of the revenue department. Case-Laws Income Tax Fri, 22 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762177