Hello friends, please refer me case laws related to the case that i am going to explain.....
CASE:
It is a transaction between two pvt limited co. 1st company had purchased some share of a public limited co. (off the market). But the company paid the amount by 3 chq at 3 differnt time. this is because, the purchasing co is getting interest income from market. Only After making full payment, the selling company had transferred the shares to puchasing company. After getting share in demat A\c the purchasing company sold the same at loss. Now the loss has been dissallowed on the assumption that :
1 it has been made for the back year.
2 it has been made to reduce the profit of the business as it is the time for finalisation of the accounts.
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