https://www.taxtmi.com/caselaws?id=76299 Loss from purchase and sale of UTI units was held not to be speculative loss under the Explanation to Section 73 because a UTI unit is not a share, and the deeming fiction in the UTI Act does not extend that characterisation. The resulting loss was therefore capable of treatment according to law and not barred from set-off on that basis. The document also states that a genuine transaction does not become a colourable device merely because it is motivated by tax advantage; tax planning within the framework of law remains permissible, and a later anti-avoidance provision did not invalidate the earlier transaction. Both substantive issues were stated in favour of the assessee. en-us Wed, 31 Mar 2010 00:00:00 +0530 Thu, 15 Mar 2012 16:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76299 Loss from purchase and sale of UTI units was held not to be speculative loss under the Explanation to Section 73 because a UTI unit is not a share, and the deeming fiction in the UTI Act does not extend that characterisation. The resulting loss was therefore capable of treatment according to law and not barred from set-off on that basis. The document also states that a genuine transaction does not become a colourable device merely because it is motivated by tax advantage; tax planning within the framework of law remains permissible, and a later anti-avoidance provision did not invalidate the earlier transaction. Both substantive issues were stated in favour of the assessee. Case-Laws Income Tax Wed, 31 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76299