https://www.taxtmi.com/caselaws?id=56591 The Income-tax Appellate Tribunal (ITAT) dismissed the appeal, ruling against the assessee's claim for the deduction of the short-term capital loss of Rs. 18,993. The tribunal held that the advances made were not in the nature of a capital asset, as they were not acknowledged as loans repayable by the company. Without clear evidence supporting the characterization of the amounts as loans, the claimed loss was disallowed under section 71(3) of the Income-tax Act, 1961. en-us Tue, 14 Feb 1984 00:00:00 +0530 Sat, 04 Dec 2010 17:07:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56591 The Income-tax Appellate Tribunal (ITAT) dismissed the appeal, ruling against the assessee's claim for the deduction of the short-term capital loss of Rs. 18,993. The tribunal held that the advances made were not in the nature of a capital asset, as they were not acknowledged as loans repayable by the company. Without clear evidence supporting the characterization of the amounts as loans, the claimed loss was disallowed under section 71(3) of the Income-tax Act, 1961. Case-Laws Income Tax Tue, 14 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56591