https://www.taxtmi.com/caselaws?id=340809 Off-market sale of listed shares not routed through a recognised stock exchange was treated as outside the securities transaction tax charge, so the transaction did not fail merely because no STT was paid. The assessee's intra-group sale to meet loan obligations and preserve shareholding was treated as a bona fide business decision, not a sham or colourable device, and the fact that the sale price was below book value did not by itself justify disregarding the loss. On that basis, the loss was allowable to be set off against long-term capital gains from unquoted shares, and the remaining loss could be carried forward. en-us Wed, 08 Mar 2017 00:00:00 +0530 Tue, 28 Mar 2017 06:47:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340809 Off-market sale of listed shares not routed through a recognised stock exchange was treated as outside the securities transaction tax charge, so the transaction did not fail merely because no STT was paid. The assessee's intra-group sale to meet loan obligations and preserve shareholding was treated as a bona fide business decision, not a sham or colourable device, and the fact that the sale price was below book value did not by itself justify disregarding the loss. On that basis, the loss was allowable to be set off against long-term capital gains from unquoted shares, and the remaining loss could be carried forward. Case-Laws Income Tax Wed, 08 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340809