https://www.taxtmi.com/caselaws?id=771949 ITAT Kolkata partially allowed the appeal regarding disallowance of long-term capital loss on share sale. The assessee sold shares at Rs. 0.0035 per share against purchase price of Rs. 48.95 and average listed price of Rs. 12.56, claiming Joint Lenders Forum obligation. The tribunal found the transaction prima facie appeared to be a colourable device for claiming huge loss, not governed by market price but privately arranged. However, noting that CIT(A) failed to examine crucial aspects including SEBI regulations on negotiated transactions and similar sales by other promoters, the matter was remanded back to CIT(A) for fresh consideration of all facts and submissions in accordance with law. en-us Thu, 29 May 2025 00:00:00 +0530 Mon, 02 Jun 2025 08:34:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771949 ITAT Kolkata partially allowed the appeal regarding disallowance of long-term capital loss on share sale. The assessee sold shares at Rs. 0.0035 per share against purchase price of Rs. 48.95 and average listed price of Rs. 12.56, claiming Joint Lenders Forum obligation. The tribunal found the transaction prima facie appeared to be a colourable device for claiming huge loss, not governed by market price but privately arranged. However, noting that CIT(A) failed to examine crucial aspects including SEBI regulations on negotiated transactions and similar sales by other promoters, the matter was remanded back to CIT(A) for fresh consideration of all facts and submissions in accordance with law. Case-Laws Income Tax Thu, 29 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771949