https://www.taxtmi.com/caselaws?id=776184 The ITAT Chennai upheld the CIT(A)'s order allowing the assessee to set off Long-Term Capital Loss on sale of unlisted shares against Long-Term Capital Gain from a slump sale under section 50B. The tribunal found the transactions genuine, supported by audited financials, share certificates, CA valuation reports, and proper banking channels. There was no evidence of collusion, accommodation entries, or fictitious transactions. The loss arose from bona fide commercial decisions based on updated financial data and business prospects. The Revenue's addition of Rs. 24 crores was held unjustified and deleted. The appeal filed by the Revenue was dismissed. en-us Thu, 17 Jul 2025 00:00:00 +0530 Wed, 06 Aug 2025 08:19:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776184 The ITAT Chennai upheld the CIT(A)'s order allowing the assessee to set off Long-Term Capital Loss on sale of unlisted shares against Long-Term Capital Gain from a slump sale under section 50B. The tribunal found the transactions genuine, supported by audited financials, share certificates, CA valuation reports, and proper banking channels. There was no evidence of collusion, accommodation entries, or fictitious transactions. The loss arose from bona fide commercial decisions based on updated financial data and business prospects. The Revenue's addition of Rs. 24 crores was held unjustified and deleted. The appeal filed by the Revenue was dismissed. Case-Laws Income Tax Thu, 17 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776184