https://www.taxtmi.com/caselaws?id=30188 The High Court dismissed the appeal against the Income Tax Appellate Tribunal's decision to disallow the loss claimed by the Assessee on the sale of investments. The Court agreed with the Tribunal's findings that the transactions with sister concerns were not genuine, citing concerns about the suspicious nature of the sales aimed at reducing tax liability. The Court highlighted the delayed payment, familial relationships, and unusual transaction timing as factors supporting the conclusion that the transactions were manipulated. No substantial legal questions per Supreme Court criteria were identified, leading to the dismissal of the appeal. en-us Fri, 22 Sep 2006 00:00:00 +0530 Tue, 20 Sep 2011 18:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30188 The High Court dismissed the appeal against the Income Tax Appellate Tribunal's decision to disallow the loss claimed by the Assessee on the sale of investments. The Court agreed with the Tribunal's findings that the transactions with sister concerns were not genuine, citing concerns about the suspicious nature of the sales aimed at reducing tax liability. The Court highlighted the delayed payment, familial relationships, and unusual transaction timing as factors supporting the conclusion that the transactions were manipulated. No substantial legal questions per Supreme Court criteria were identified, leading to the dismissal of the appeal. Case-Laws Income Tax Fri, 22 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30188