https://www.taxtmi.com/caselaws?id=117939 The Tribunal found that the sale transactions of shares were non-genuine and aimed at reducing tax liability. The claimed loss of Rs. 45,50,000 was deemed non-genuine and disallowed. The transactions were considered sham and illusory, emphasizing the need to scrutinize surrounding circumstances to prevent tax evasion through colourable devices. The revenue's appeal was allowed, highlighting the importance of upholding the authenticity of transactions to deter tax avoidance practices. en-us Wed, 08 Sep 2004 00:00:00 +0530 Wed, 27 Jun 2012 15:02:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117939 The Tribunal found that the sale transactions of shares were non-genuine and aimed at reducing tax liability. The claimed loss of Rs. 45,50,000 was deemed non-genuine and disallowed. The transactions were considered sham and illusory, emphasizing the need to scrutinize surrounding circumstances to prevent tax evasion through colourable devices. The revenue's appeal was allowed, highlighting the importance of upholding the authenticity of transactions to deter tax avoidance practices. Case-Laws Income Tax Wed, 08 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117939