https://www.taxtmi.com/caselaws?id=213078 The Division Bench of the Delhi High Court affirmed that all three conditions of Section 94(7) of the Income Tax Act must be cumulatively satisfied for the provision to apply. The Court held that the Assessing Officer failed to prove a motive for transactions to incur a loss, supporting the assessee's claim based on existing law and precedents. The High Court emphasized the necessity of a strict interpretation of taxing statutes and dismissed the appeal, finding no substantial question of law for consideration. en-us Thu, 15 Dec 2011 00:00:00 +0530 Tue, 08 May 2012 08:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213078 The Division Bench of the Delhi High Court affirmed that all three conditions of Section 94(7) of the Income Tax Act must be cumulatively satisfied for the provision to apply. The Court held that the Assessing Officer failed to prove a motive for transactions to incur a loss, supporting the assessee's claim based on existing law and precedents. The High Court emphasized the necessity of a strict interpretation of taxing statutes and dismissed the appeal, finding no substantial question of law for consideration. Case-Laws Income Tax Thu, 15 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213078