https://www.taxtmi.com/caselaws?id=71286 The appeal was dismissed as the Tribunal upheld the disallowance of short-term capital loss incurred by the assessee due to the transfer of shares to Associations of Persons through a revocable gift deed. The Tribunal determined the cost of shares for computing short-term capital loss based on the previous owners' cost being nil, rejecting the assessee's argument for the original cost of Rs. 10 per share. Despite differing views on the application of relevant tax provisions, the Tribunal affirmed the Assessing Officer and CIT(A)'s decision, leading to the dismissal of the assessee's appeal. en-us Fri, 07 Apr 2006 00:00:00 +0530 Fri, 22 Apr 2011 13:03:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71286 The appeal was dismissed as the Tribunal upheld the disallowance of short-term capital loss incurred by the assessee due to the transfer of shares to Associations of Persons through a revocable gift deed. The Tribunal determined the cost of shares for computing short-term capital loss based on the previous owners' cost being nil, rejecting the assessee's argument for the original cost of Rs. 10 per share. Despite differing views on the application of relevant tax provisions, the Tribunal affirmed the Assessing Officer and CIT(A)'s decision, leading to the dismissal of the assessee's appeal. Case-Laws Income Tax Fri, 07 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71286