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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.
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.
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