Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
Genuine share transactions supported by banking records and transfer documents cannot be disregarded merely because they generate a tax loss. The discussion identifies that no adverse material established an artificial or pre-conceived arrangement, and the sale price exceeded the price at which another related purchaser had acquired the shares. On these facts, the short-term capital loss from sale of unlisted shares to a spouse was not treated as a colourable device, and its disallowance was deleted.
Genuine share transactions supported by banking records and transfer documents cannot be disregarded merely because they generate a tax loss. The discussion identifies that no adverse material established an artificial or pre-conceived arrangement, and the sale price exceeded the price at which another related purchaser had acquired the shares. On these facts, the short-term capital loss from sale of unlisted shares to a spouse was not treated as a colourable device, and its disallowance was deleted.
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