https://www.taxtmi.com/highlights?id=105337 GAAR requires the Revenue to establish an arrangement, a main purpose of obtaining a tax benefit, and at least one further statutory condition before treating a transaction as an impermissible avoidance arrangement. Arm's-length purchases and sales of listed shares through a recognised stock exchange at market prices, without taxpayer control over counterparties or market outcomes, lack the concerted or pre-ordained steps required for that characterisation. A commercially sustained short-term capital loss is not a tax benefit merely because it may be set off against long-term capital gains; the set-off forms part of annual-income computation. The GAAR directions were set aside and the loss set-off was allowed. en-us Fri, 23 Oct 2026 11:59:17 +0530 Fri, 23 Oct 2026 11:59:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=105337 GAAR requires the Revenue to establish an arrangement, a main purpose of obtaining a tax benefit, and at least one further statutory condition before treating a transaction as an impermissible avoidance arrangement. Arm's-length purchases and sales of listed shares through a recognised stock exchange at market prices, without taxpayer control over counterparties or market outcomes, lack the concerted or pre-ordained steps required for that characterisation. A commercially sustained short-term capital loss is not a tax benefit merely because it may be set off against long-term capital gains; the set-off forms part of annual-income computation. The GAAR directions were set aside and the loss set-off was allowed. Highlights Income Tax Fri, 23 Oct 2026 11:59:17 +0530 https://www.taxtmi.com/highlights?id=105337