Dismissing the appeal of the revenue the Court held that Loss arising out of assignment of loan is allowable as short term capital loss. Followed Siemens Nixdorf Informations Systems GmbH v. Dy. DIT(IT) (2016) 158 ITD 480 (Mum) (Trib) affirmed in Dy.DIT v Siemens Nixdorf Informations Systems GmbH ITA No. 1366 of 2017 dt. 26-08-2019)(ITA No. 623 of 2017 dt 26-08-2019) (AY. 2007-08)
PCIT v Reliance Natural Resources Ltd. (2019) 267 Taxman 644 (Bom.)(HC)/Editorial : SLP of Revenue dismissed , PCIT v. Reliance Natural Resources Ltd. (2022) 286 Taxman 435 (SC)
S. 2(42A) : Short-term capital asset–Assignment of loan-Loss arising out of assignment of loan is allowable as short term capital loss. [S. 2(14), 2(42B), 28(i)]