https://www.taxtmi.com/caselaws?id=382020 The High Court dismissed the appeal, upholding the Tribunal's decision that the sale of shares to a sister concern was valid and not a colorable device. The court emphasized that there was no substantial question of law, as the transaction was supported by evidence and executed at a price higher than the market rate. It was noted that the tax authorities should not assess the commercial expediency of such transactions, ultimately ruling in favor of the assessee and denying any costs in the judgment. en-us Fri, 07 Jun 2019 00:00:00 +0530 Tue, 23 Jul 2019 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382020 The High Court dismissed the appeal, upholding the Tribunal's decision that the sale of shares to a sister concern was valid and not a colorable device. The court emphasized that there was no substantial question of law, as the transaction was supported by evidence and executed at a price higher than the market rate. It was noted that the tax authorities should not assess the commercial expediency of such transactions, ultimately ruling in favor of the assessee and denying any costs in the judgment. Case-Laws Income Tax Fri, 07 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382020