https://www.taxtmi.com/caselaws?id=366015 The Tribunal overturned the deletion of a substantial amount due to the disallowance of the assessee's claim of long term capital loss. The Tribunal found that the share transaction was a colorable device to evade tax liability, following principles established by the Supreme Court and the Karnataka High Court regarding transactions aimed at tax evasion. Consequently, the Tribunal upheld the Assessing Officer's assessment order, allowing the Revenue's appeal and reinstating the addition on account of disallowed long term capital loss. en-us Thu, 23 Aug 2018 00:00:00 +0530 Tue, 28 Aug 2018 10:33:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366015 The Tribunal overturned the deletion of a substantial amount due to the disallowance of the assessee's claim of long term capital loss. The Tribunal found that the share transaction was a colorable device to evade tax liability, following principles established by the Supreme Court and the Karnataka High Court regarding transactions aimed at tax evasion. Consequently, the Tribunal upheld the Assessing Officer's assessment order, allowing the Revenue's appeal and reinstating the addition on account of disallowed long term capital loss. Case-Laws Income Tax Thu, 23 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366015