https://www.taxtmi.com/caselaws?id=211329 HC held the purchase and sale of shares to be a sham and not legitimate tax planning, therefore disallowing the claimed short-term capital loss and its set-off against long-term gains. The court affirmed the authorities' finding that funds routed through group entities and overpriced share purchases were colorable transactions, not genuine investments. However, the HC remanded the issue of losses claimed from the business of providing guarantees to the Tribunal for fresh consideration, directing that surrounding circumstances be weighed alongside the evidence led by the taxpayer before concluding on those losses. en-us Tue, 06 Mar 2012 00:00:00 +0530 Mon, 03 Nov 2025 17:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211329 HC held the purchase and sale of shares to be a sham and not legitimate tax planning, therefore disallowing the claimed short-term capital loss and its set-off against long-term gains. The court affirmed the authorities' finding that funds routed through group entities and overpriced share purchases were colorable transactions, not genuine investments. However, the HC remanded the issue of losses claimed from the business of providing guarantees to the Tribunal for fresh consideration, directing that surrounding circumstances be weighed alongside the evidence led by the taxpayer before concluding on those losses. Case-Laws Income Tax Tue, 06 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211329