https://www.taxtmi.com/caselaws?id=216947 The High Court overturned the Tribunal's decision, ruling in favor of the assessee. It held that the transaction involving the purchase and sale of units was genuine and not a colorable device to avoid tax. The Court emphasized that the assessee was entitled to the deduction under Section 80M and that utilizing beneficial provisions of the law does not amount to tax avoidance. Additionally, the Court found that Section 94 was not applicable to the case as the units involved were not considered securities during the relevant assessment year. As a result, the High Court allowed the assessee's appeal and set aside the Tribunal's order. en-us Wed, 20 Jun 2012 00:00:00 +0530 Wed, 26 Sep 2012 11:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216947 The High Court overturned the Tribunal's decision, ruling in favor of the assessee. It held that the transaction involving the purchase and sale of units was genuine and not a colorable device to avoid tax. The Court emphasized that the assessee was entitled to the deduction under Section 80M and that utilizing beneficial provisions of the law does not amount to tax avoidance. Additionally, the Court found that Section 94 was not applicable to the case as the units involved were not considered securities during the relevant assessment year. As a result, the High Court allowed the assessee's appeal and set aside the Tribunal's order. Case-Laws Income Tax Wed, 20 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216947