https://www.taxtmi.com/caselaws?id=217111 The High Court upheld the Revenue's position that the transactions involving the sale of shares of M/s J.P. Industries and Himachal Futuristic Company Ltd. were speculative and not genuine. The court found that the lack of evidence for actual delivery of shares and the nature of the transactions indicated they were aimed at creating losses to reduce profit. Consequently, the High Court ruled in favor of the Revenue, disallowing the loss claimed by the assessee and restoring the Assessing Officer's order as modified by the Commissioner of Income Tax (Appeals). en-us Wed, 26 Sep 2012 00:00:00 +0530 Mon, 01 Oct 2012 14:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217111 The High Court upheld the Revenue's position that the transactions involving the sale of shares of M/s J.P. Industries and Himachal Futuristic Company Ltd. were speculative and not genuine. The court found that the lack of evidence for actual delivery of shares and the nature of the transactions indicated they were aimed at creating losses to reduce profit. Consequently, the High Court ruled in favor of the Revenue, disallowing the loss claimed by the assessee and restoring the Assessing Officer's order as modified by the Commissioner of Income Tax (Appeals). Case-Laws Income Tax Wed, 26 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217111