https://www.taxtmi.com/caselaws?id=176236 The Tribunal upheld the disallowance of the capital loss claimed by the assessee on the sale of shares, amounting to Rs. 6,32,62,694. It was determined that the transaction lacked transparency, was not a bona fide commercial transaction, and was executed with the motive of tax avoidance. The buyer was found to be under the control and influence of the assessee, and there was no commercial justification for the sale of shares. The Tribunal dismissed the main issue of capital loss, partly allowing the assessee's appeal and imposing costs of Rs. 10,000. en-us Wed, 15 Nov 2000 00:00:00 +0530 Thu, 17 Dec 2015 15:33:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176236 The Tribunal upheld the disallowance of the capital loss claimed by the assessee on the sale of shares, amounting to Rs. 6,32,62,694. It was determined that the transaction lacked transparency, was not a bona fide commercial transaction, and was executed with the motive of tax avoidance. The buyer was found to be under the control and influence of the assessee, and there was no commercial justification for the sale of shares. The Tribunal dismissed the main issue of capital loss, partly allowing the assessee's appeal and imposing costs of Rs. 10,000. Case-Laws Income Tax Wed, 15 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176236