https://www.taxtmi.com/caselaws?id=249688 The High Court upheld the ITAT's decision to allow the Assessee's claim for a notional loss on the transfer of securities, setting aside the Commissioner of Income Tax's order under section 263 of the Income Tax Act. The Court emphasized the importance of consistent accounting practices and the Assessee's entitlement to claim deductions based on true income disclosure, referencing previous judgments supporting such allowances. The Appeal was dismissed, with no costs awarded, affirming the Assessee's right to the deduction. en-us Thu, 17 Jul 2014 00:00:00 +0530 Thu, 19 Feb 2015 18:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249688 The High Court upheld the ITAT's decision to allow the Assessee's claim for a notional loss on the transfer of securities, setting aside the Commissioner of Income Tax's order under section 263 of the Income Tax Act. The Court emphasized the importance of consistent accounting practices and the Assessee's entitlement to claim deductions based on true income disclosure, referencing previous judgments supporting such allowances. The Appeal was dismissed, with no costs awarded, affirming the Assessee's right to the deduction. Case-Laws Income Tax Thu, 17 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249688