https://www.taxtmi.com/caselaws?id=202784 The Calcutta HC allowed the assessee's appeal regarding disallowance of Rs. 63,84,000 loss from purchase and resale of UTI units. The Revenue objected that the assessee claimed tax-free dividends while simultaneously claiming losses on unit sales through pre-meditated transactions. The HC relied on Union of India v. Azadi Bachao Andolan, holding that citizens can conduct business within legal boundaries and mere tax planning without tax evasion through colourable devices is permissible. en-us Fri, 04 Mar 2011 00:00:00 +0530 Thu, 08 May 2025 12:52:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202784 The Calcutta HC allowed the assessee's appeal regarding disallowance of Rs. 63,84,000 loss from purchase and resale of UTI units. The Revenue objected that the assessee claimed tax-free dividends while simultaneously claiming losses on unit sales through pre-meditated transactions. The HC relied on Union of India v. Azadi Bachao Andolan, holding that citizens can conduct business within legal boundaries and mere tax planning without tax evasion through colourable devices is permissible. Case-Laws Income Tax Fri, 04 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202784