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ITAT partially allowed the appeal, remanding the case for further examination. The tribunal found the share sale transaction suspicious due to significant price discrepancies between purchase and sale prices, with shares sold at Rs. 0.0035 per share compared to the original purchase price of Rs. 48.95. While the assessee argued the sale was part of a Joint Lenders Forum requirement and involved negotiated transactions among promoters, the tribunal noted insufficient justification for the abnormally low sale price. The order directs the lower authority to comprehensively examine the facts, verify the transaction's legitimacy, and reassess the capital loss claim in accordance with applicable regulations and legal principles.
ITAT partially allowed the appeal, remanding the case for further examination. The tribunal found the share sale transaction suspicious due to significant price discrepancies between purchase and sale prices, with shares sold at Rs. 0.0035 per share compared to the original purchase price of Rs. 48.95. While the assessee argued the sale was part of a Joint Lenders Forum requirement and involved negotiated transactions among promoters, the tribunal noted insufficient justification for the abnormally low sale price. The order directs the lower authority to comprehensively examine the facts, verify the transaction's legitimacy, and reassess the capital loss claim in accordance with applicable regulations and legal principles.
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