https://www.taxtmi.com/caselaws?id=16434 The High Court ruled in favor of the assessee, affirming that the sale of shares by a partnership firm to its partners constitutes a commercial transaction. The court allowed the claimed loss of Rs. 60,000 as a business loss, rejecting the Revenue's argument that partners and the partnership firm should be treated as the same entity for tax purposes. The court emphasized that a partnership firm is a distinct legal entity and transactions between a firm and its partners are common in commercial life, upholding the Tribunal's findings. en-us Wed, 24 Dec 1997 00:00:00 +0530 Mon, 07 Sep 2009 17:06:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16434 The High Court ruled in favor of the assessee, affirming that the sale of shares by a partnership firm to its partners constitutes a commercial transaction. The court allowed the claimed loss of Rs. 60,000 as a business loss, rejecting the Revenue's argument that partners and the partnership firm should be treated as the same entity for tax purposes. The court emphasized that a partnership firm is a distinct legal entity and transactions between a firm and its partners are common in commercial life, upholding the Tribunal's findings. Case-Laws Income Tax Wed, 24 Dec 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16434