https://www.taxtmi.com/caselaws?id=254417 The Tribunal upheld the Assessing Officer's decision to disallow the short-term capital loss claimed by the assessee, emphasizing that transactions benefiting related parties and involving artificial losses are not permissible under the Income-tax Act. The market value of unlisted shares should be based on the net asset value of the company. The Tribunal found the transactions to be sham, as the purchase and sale of shares at inflated and nominal rates, respectively, within a short period were not considered genuine commercial dealings. The Revenue's appeals were allowed, overturning the CIT(A)'s orders. en-us Thu, 18 Dec 2014 00:00:00 +0530 Mon, 22 Dec 2014 17:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254417 The Tribunal upheld the Assessing Officer's decision to disallow the short-term capital loss claimed by the assessee, emphasizing that transactions benefiting related parties and involving artificial losses are not permissible under the Income-tax Act. The market value of unlisted shares should be based on the net asset value of the company. The Tribunal found the transactions to be sham, as the purchase and sale of shares at inflated and nominal rates, respectively, within a short period were not considered genuine commercial dealings. The Revenue's appeals were allowed, overturning the CIT(A)'s orders. Case-Laws Income Tax Thu, 18 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254417