https://www.taxtmi.com/caselaws?id=11389 The High Court upheld the Tribunal's decision in the case. It found that the transactions involving the transfer of shares and the deduction of Rs. 3 lakhs as a bad debt were justified. The Court agreed that the share transfer was not systematic tax avoidance and fell under an exemption in the Income-tax Act. Additionally, the deduction of the bad debt was supported by the loanee company's financial condition and a CBDT circular. The appeal was dismissed without any order as to costs. en-us Mon, 28 Jul 2003 00:00:00 +0530 Fri, 07 Aug 2009 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11389 The High Court upheld the Tribunal's decision in the case. It found that the transactions involving the transfer of shares and the deduction of Rs. 3 lakhs as a bad debt were justified. The Court agreed that the share transfer was not systematic tax avoidance and fell under an exemption in the Income-tax Act. Additionally, the deduction of the bad debt was supported by the loanee company's financial condition and a CBDT circular. The appeal was dismissed without any order as to costs. Case-Laws Income Tax Mon, 28 Jul 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11389