https://www.taxtmi.com/caselaws?id=188579 The Tribunal dismissed the appeal, upholding the disallowance of the short-term capital loss claimed by the assessee on the sale of units of JM Mutual Fund. The Tribunal deemed the transaction as a "colourable device" aimed at evading taxes, lacking genuine business or investment elements. Additionally, the Tribunal confirmed the levy of interest u/s 234B, implicitly supporting it based on the disallowed loss. The decision aligned with established judicial principles, resulting in the rejection of the appeal and affirmation of the lower authorities' orders. en-us Fri, 12 Jan 2007 00:00:00 +0530 Tue, 06 Dec 2016 18:27:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188579 The Tribunal dismissed the appeal, upholding the disallowance of the short-term capital loss claimed by the assessee on the sale of units of JM Mutual Fund. The Tribunal deemed the transaction as a "colourable device" aimed at evading taxes, lacking genuine business or investment elements. Additionally, the Tribunal confirmed the levy of interest u/s 234B, implicitly supporting it based on the disallowed loss. The decision aligned with established judicial principles, resulting in the rejection of the appeal and affirmation of the lower authorities' orders. Case-Laws Income Tax Fri, 12 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188579