TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Highlights
of of All Highlights
Note
Bookmark
Share
Don't have an account? Register Here
of The ITAT upheld the decision of the CIT(A) allowing the assessee to set off Long-Term Capital Loss from the sale of unlisted shares against Long-Term Capital Gain arising from a slump sale under section 50B. The tribunal found the transactions genuine, supported by audited financial statements, share certificates, valuation reports, and proper banking channels. The assessee's investment and subsequent loss were determined to be bona fide business decisions based on financial data and updated prospects, not a tax evasion device. The AO failed to produce evidence of collusion, fictitious transactions, or related-party manipulation. The tribunal applied established legal principles affirming that commercial expediency is assessed from the businessman's perspective and mere tax advantage does not invalidate a valid transaction. Consequently, the addition disallowing the loss was deleted, and the Revenue's appeal was dismissed.
TaxTMI 
TaxTMI 
