https://www.taxtmi.com/caselaws?id=374827 The court ruled in favor of the assessee, upholding the Tribunal's decision to allow the claim on the sale of securities without disallowance under Section 94(4) of the Income Tax Act, 1961. The judgment emphasized the interconnection between sub-sections (1) and (4) of Section 94 to prevent tax avoidance in securities transactions. It clarified that exemptions like Section 10(15) do not apply to sub-section (4) and that the deeming provision under sub-section (1) shifts tax liability. The ruling favored the assessee, highlighting the importance of proper interpretation and application of the relevant sections in determining tax liability in such transactions. en-us Mon, 28 Jan 2019 00:00:00 +0530 Mon, 11 Feb 2019 08:18:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374827 The court ruled in favor of the assessee, upholding the Tribunal's decision to allow the claim on the sale of securities without disallowance under Section 94(4) of the Income Tax Act, 1961. The judgment emphasized the interconnection between sub-sections (1) and (4) of Section 94 to prevent tax avoidance in securities transactions. It clarified that exemptions like Section 10(15) do not apply to sub-section (4) and that the deeming provision under sub-section (1) shifts tax liability. The ruling favored the assessee, highlighting the importance of proper interpretation and application of the relevant sections in determining tax liability in such transactions. Case-Laws Income Tax Mon, 28 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374827