https://www.taxtmi.com/article/detailed?id=5494 The tribunal upheld that genuine commercial loss on sale of paintings to a purchaser with common shareholders was allowable where sales were conducted by open public auction with published reserve prices, payments were made by account-payee cheques and substantial profits were realised in other transactions with the same purchaser; absent positive evidence that market price exceeded sale consideration or that the transactions were sham, the assessing officer's disallowance as a colourable device was rejected. en-us Sat, 22 Feb 2014 11:04:58 +0530 Sat, 22 Feb 2014 11:04:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5494 The tribunal upheld that genuine commercial loss on sale of paintings to a purchaser with common shareholders was allowable where sales were conducted by open public auction with published reserve prices, payments were made by account-payee cheques and substantial profits were realised in other transactions with the same purchaser; absent positive evidence that market price exceeded sale consideration or that the transactions were sham, the assessing officer's disallowance as a colourable device was rejected. Articles Income Tax Sat, 22 Feb 2014 11:04:58 +0530 https://www.taxtmi.com/article/detailed?id=5494