https://www.taxtmi.com/caselaws?id=281344 The ITAT Kolkata allowed the assessee's appeal, directing the AO to delete the addition of Rs. 42,02,500 related to share trading loss. The Tribunal found the transactions genuine, supported by valuation reports and subsequent resale of shares by sister concerns. It concluded that the sales were not colorable devices for tax evasion, overturning the decisions of the revenue authorities. The judgment emphasized the authenticity of the transactions and was pronounced on 23.05.2012. en-us Wed, 23 May 2012 00:00:00 +0530 Fri, 14 Jun 2019 14:43:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281344 The ITAT Kolkata allowed the assessee's appeal, directing the AO to delete the addition of Rs. 42,02,500 related to share trading loss. The Tribunal found the transactions genuine, supported by valuation reports and subsequent resale of shares by sister concerns. It concluded that the sales were not colorable devices for tax evasion, overturning the decisions of the revenue authorities. The judgment emphasized the authenticity of the transactions and was pronounced on 23.05.2012. Case-Laws Income Tax Wed, 23 May 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281344