https://www.taxtmi.com/caselaws?id=349849 The High Court affirmed the Tribunal's decision to delete a substantial long term capital loss on the sale of shares. The Court emphasized that legitimate tax planning strategies, including offsetting capital gains through share sales, are permissible and do not automatically indicate tax evasion. It rejected the Revenue's argument of tax evasion, noting the genuineness of the transactions and the absence of pricing discrepancies. The judgment highlighted the taxpayer's right to engage in lawful tax planning practices and dismissed the Revenue's appeal, underscoring the importance of distinguishing between lawful tax planning and unlawful tax evasion schemes. en-us Mon, 14 Aug 2017 00:00:00 +0530 Thu, 26 Oct 2017 08:38:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349849 The High Court affirmed the Tribunal's decision to delete a substantial long term capital loss on the sale of shares. The Court emphasized that legitimate tax planning strategies, including offsetting capital gains through share sales, are permissible and do not automatically indicate tax evasion. It rejected the Revenue's argument of tax evasion, noting the genuineness of the transactions and the absence of pricing discrepancies. The judgment highlighted the taxpayer's right to engage in lawful tax planning practices and dismissed the Revenue's appeal, underscoring the importance of distinguishing between lawful tax planning and unlawful tax evasion schemes. Case-Laws Income Tax Mon, 14 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349849