https://www.taxtmi.com/caselaws?id=362230 The Tax Appeal challenged the disallowance of a loss on the sale of debentures. The Tribunal, following a High Court directive, found the transaction genuine and conducted in the normal course of business, with no indication of any violation of law. The Tribunal emphasized the commercial viability of the transaction, resulting in a capital loss to be set off against taxable income. As the Tribunal had re-examined and decided the issue in accordance with the High Court's guidance, the appeal was deemed infructuous and disposed of. The judgment underscored the importance of genuine transactions and compliance with legal provisions in tax implications of capital asset sales. en-us Wed, 13 Jun 2018 00:00:00 +0530 Wed, 20 Jun 2018 21:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362230 The Tax Appeal challenged the disallowance of a loss on the sale of debentures. The Tribunal, following a High Court directive, found the transaction genuine and conducted in the normal course of business, with no indication of any violation of law. The Tribunal emphasized the commercial viability of the transaction, resulting in a capital loss to be set off against taxable income. As the Tribunal had re-examined and decided the issue in accordance with the High Court's guidance, the appeal was deemed infructuous and disposed of. The judgment underscored the importance of genuine transactions and compliance with legal provisions in tax implications of capital asset sales. Case-Laws Income Tax Wed, 13 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362230