https://www.taxtmi.com/caselaws?id=118482 Share transfers supported by contemporaneous books, partner account entries, balance-sheet reflection and market pricing were treated as genuine, and the loss on transfer of the NOCIL and M. Werlingdon shares was allowed. The fact that the shares remained pledged and were not immediately re-registered did not, by itself, make the transactions sham. The character of the receipt on transfer of Gujarat Gas Company shares was left for fresh examination because the record was incomplete on whether the sale was completed under the earlier or later agreement and whether any component was true interest. The disallowance of interest expenditure was also restored for verification of the source and utilisation of funds. en-us Thu, 23 Feb 2006 00:00:00 +0530 Sat, 30 Jun 2012 18:43:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118482 Share transfers supported by contemporaneous books, partner account entries, balance-sheet reflection and market pricing were treated as genuine, and the loss on transfer of the NOCIL and M. Werlingdon shares was allowed. The fact that the shares remained pledged and were not immediately re-registered did not, by itself, make the transactions sham. The character of the receipt on transfer of Gujarat Gas Company shares was left for fresh examination because the record was incomplete on whether the sale was completed under the earlier or later agreement and whether any component was true interest. The disallowance of interest expenditure was also restored for verification of the source and utilisation of funds. Case-Laws Income Tax Thu, 23 Feb 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118482