https://www.taxtmi.com/caselaws?id=759569 ITAT Hyderabad dismissed the appellant's appeal involving artificial short-term capital loss and interest disallowance. The tribunal found that the appellant purchased shares from group entities at inflated prices and sold them at lower rates to book artificial losses, offsetting capital gains from other share sales. The CIT(A) correctly recomputed the loss by adopting a fair purchase price. Additionally, the tribunal upheld interest disallowance under Section 14A, as the appellant used interest-bearing funds for investments yielding exempt income without providing adequate justification for strategic business purposes. en-us Wed, 14 Aug 2024 00:00:00 +0530 Thu, 03 Oct 2024 17:09:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759569 ITAT Hyderabad dismissed the appellant's appeal involving artificial short-term capital loss and interest disallowance. The tribunal found that the appellant purchased shares from group entities at inflated prices and sold them at lower rates to book artificial losses, offsetting capital gains from other share sales. The CIT(A) correctly recomputed the loss by adopting a fair purchase price. Additionally, the tribunal upheld interest disallowance under Section 14A, as the appellant used interest-bearing funds for investments yielding exempt income without providing adequate justification for strategic business purposes. Case-Laws Income Tax Wed, 14 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759569