https://www.taxtmi.com/caselaws?id=410840 The Tribunal upheld the Assessing Officer's decision to add back the loss on the sale of shares to the appellant's income, rejecting the appellant's arguments that the transaction was genuine and a business decision. Despite the appellant's assertions, the Tribunal found insufficient evidence to support the legitimacy of the transactions, ultimately determining that the appellant engaged in fictitious transactions to exploit the market. The Tribunal dismissed the appeal, affirming the addition of the loss to the appellant's income and the liability to pay interest, based on the findings regarding the questionable nature of the share dealings. en-us Thu, 29 Jul 2021 00:00:00 +0530 Wed, 11 Aug 2021 12:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410840 The Tribunal upheld the Assessing Officer's decision to add back the loss on the sale of shares to the appellant's income, rejecting the appellant's arguments that the transaction was genuine and a business decision. Despite the appellant's assertions, the Tribunal found insufficient evidence to support the legitimacy of the transactions, ultimately determining that the appellant engaged in fictitious transactions to exploit the market. The Tribunal dismissed the appeal, affirming the addition of the loss to the appellant's income and the liability to pay interest, based on the findings regarding the questionable nature of the share dealings. Case-Laws Income Tax Thu, 29 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410840