Capital Loss Or Revenue Loss
Capital Loss Or Revenue Loss legal meaning, translation and judicial precedents.
Meaning & Judicial Interpretation: (اردو مفہوم اور قانونی تشریح)
Whether capital loss or revenue loss-Income-tax Act (XI of 1922), S. 66-Reference to High Court-Legal effect of facts found
Question of law. The appellant company was a dealer in shares and securities and also carried on business as managing agents of other companies. In order to acquire the managing agency of a textile mill, the appellant company purchased from the existing managing agents thereof, 1,507 shares of the mill at Rs. 2,321-8-0 per share at a time when the market price of the shares was Rs. 1,610. The remaining 1,000 shares of the mill held by the Managing Agents were acquired by the directors of the appellant company. Two months later the appellant company sold 400 of those shares at a loss of Rs. 1,78,438 and this loss was claimed as a trading loss:
"Capital Loss Or Revenue Loss", Pakistan Law Portal, available at: https://paklawportal.com/words-terms-maxims/38836
Precedents & Case Laws citing "Capital Loss Or Revenue Loss"
1980 P T D 358
R. L. RAJGHARIA Versus INCOME‑TAX OFFICER AND OTHERS
Court: Calcutta (India)1996 P T D 462
COMMISSIONER OF INCOME-TAX Versus SANDOZ (INDIA) LTD.
Court: 20 I T R 5991978K135
Before I. Mahmud and Z. A. Channa, JJ Versus THE COMMISSIONER OF INCOME‑TAX‑Respondent
Court: ‑ . S. 66(1)‑Question of law‑Income‑tax Tribunal on basis of certain facts found by it concluding transaction regarding purchase and sale of shares by assessee to be incidental to his business and consequently taxable‑Inference or conclusion thus drawn from facts, held, raises a question of law.‑Question of law.2015 P T D 2091
PRIME COMMERCIAL BANK LTD. Versus INCOME TAX APPELLATE TRIBUNAL, LAHORE and others
Court: Lahore High Court1995 P T D 215
KRISHNA CHANDRA DUTTA (COOK ME) PVT. LTD. Versus COMMISSIONER OF INCOME-TAX
Court: 204 I T R 232001 P T D 3488
COMMISSIONER OF INCOME‑TAX Versus R. CHIDAMBARANATHA MUDALIAR
Court: 240 I T R 5522000 P T D 2446
COMMISSIONER OF INCOME-TAX Versus RENUSAGAR POWER CO. LTD.
Court: 236 I T R 1772002 P T D (Trib
N/A
Court: Income-tax Appellate Tribunal Pakistan1999 P T D 2822
COMMISSIONER OF INCOME-TAX Versus OM PARKASH
Court: 228 I T R 7222024 P T D 1448
Messrs COTTON EXPORT CORPORATION OF PAKISTAN (PVT.) LTD. KARACHI and others Versus The COMMISSIONER OF INCOME TAX, COMPANIES-III, KARACHI and others
Court: Sindh High Court