https://www.taxtmi.com/caselaws?id=242277 The court dismissed the appeals, upholding the Assessing Officer's disallowance of the short term capital loss claimed on the sale of shares. The court found the transactions lacked genuineness and were structured to create an artificial loss to evade tax. The Tribunal's decision to reverse the CIT(A)'s order was upheld, emphasizing the lack of commercial substance in the transactions and the appellant's offer to surrender the loss as evidence of non-genuineness. The court concluded that the transactions were not bona fide and upheld the decision to disallow the claimed loss. en-us Mon, 11 Nov 2013 00:00:00 +0530 Sat, 11 Jan 2014 14:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242277 The court dismissed the appeals, upholding the Assessing Officer's disallowance of the short term capital loss claimed on the sale of shares. The court found the transactions lacked genuineness and were structured to create an artificial loss to evade tax. The Tribunal's decision to reverse the CIT(A)'s order was upheld, emphasizing the lack of commercial substance in the transactions and the appellant's offer to surrender the loss as evidence of non-genuineness. The court concluded that the transactions were not bona fide and upheld the decision to disallow the claimed loss. Case-Laws Income Tax Mon, 11 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242277