https://www.taxtmi.com/caselaws?id=344370 The tribunal upheld the disallowance of a trading loss incurred by a non-banking finance company in cotton knitted fabrics, finding the transactions were a colorable device to evade taxes. The reassessment proceedings under Section 147 were deemed valid based on information indicating fictitious transactions. The tribunal dismissed the appeal, concluding the transactions were not genuine and the reassessment was justified. en-us Fri, 02 Jun 2017 00:00:00 +0530 Fri, 16 Jun 2017 09:03:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344370 The tribunal upheld the disallowance of a trading loss incurred by a non-banking finance company in cotton knitted fabrics, finding the transactions were a colorable device to evade taxes. The reassessment proceedings under Section 147 were deemed valid based on information indicating fictitious transactions. The tribunal dismissed the appeal, concluding the transactions were not genuine and the reassessment was justified. Case-Laws Income Tax Fri, 02 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344370