https://www.taxtmi.com/caselaws?id=33534 The court dismissed the Revenue's appeal regarding the disallowance of a loss on trading of shares for the assessment year 1996-97. The court found that the lower authorities' findings were factual, and no substantial questions of law arose. It was concluded that the transactions were genuine, and the disallowance of the loss with respect to 8,100 shares was justified. The court emphasized that determining whether the share transactions were a colorable device was a question of fact and found no basis for interference with the lower authorities' orders. en-us Fri, 03 Oct 2008 00:00:00 +0530 Fri, 16 Sep 2011 16:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33534 The court dismissed the Revenue's appeal regarding the disallowance of a loss on trading of shares for the assessment year 1996-97. The court found that the lower authorities' findings were factual, and no substantial questions of law arose. It was concluded that the transactions were genuine, and the disallowance of the loss with respect to 8,100 shares was justified. The court emphasized that determining whether the share transactions were a colorable device was a question of fact and found no basis for interference with the lower authorities' orders. Case-Laws Income Tax Fri, 03 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33534