https://www.taxtmi.com/caselaws?id=257918 The High Court upheld the ITAT's decision, concluding that the losses claimed by the assessees were genuine business losses and should be allowed as deductions. The court emphasized the importance of considering the true legal effect and commercial substance of the transactions, as well as the relevance of previous judicial decisions. The revenue's appeals were dismissed, and the assessees' claims for business losses were accepted. en-us Fri, 20 Mar 2015 00:00:00 +0530 Sat, 07 Nov 2015 16:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257918 The High Court upheld the ITAT's decision, concluding that the losses claimed by the assessees were genuine business losses and should be allowed as deductions. The court emphasized the importance of considering the true legal effect and commercial substance of the transactions, as well as the relevance of previous judicial decisions. The revenue's appeals were dismissed, and the assessees' claims for business losses were accepted. Case-Laws Income Tax Fri, 20 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257918