https://www.taxtmi.com/caselaws?id=431106 The Tribunal upheld the Commissioner's decision to allow the claim of long term capital loss on the sale of equity shares, validated the notice issued under section 148 of the Income Tax Act, and affirmed the treatment of long term capital loss in the context of amalgamation and scheme of merger. The Tribunal found the sale genuine, dismissed the Revenue's contentions of a colorable device, and emphasized the binding nature of the Company Court's order sanctioning the amalgamation scheme. The appeal of the Revenue was dismissed, and the Cross Objection of the assessee was deemed infructuous. en-us Wed, 30 Nov 2022 00:00:00 +0530 Tue, 06 Dec 2022 20:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431106 The Tribunal upheld the Commissioner's decision to allow the claim of long term capital loss on the sale of equity shares, validated the notice issued under section 148 of the Income Tax Act, and affirmed the treatment of long term capital loss in the context of amalgamation and scheme of merger. The Tribunal found the sale genuine, dismissed the Revenue's contentions of a colorable device, and emphasized the binding nature of the Company Court's order sanctioning the amalgamation scheme. The appeal of the Revenue was dismissed, and the Cross Objection of the assessee was deemed infructuous. Case-Laws Income Tax Wed, 30 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431106