https://www.taxtmi.com/caselaws?id=58081 The Appellate Tribunal upheld the disallowance of the claimed short-term capital loss of Rs. 2,66,000 by the assessee firm. The Tribunal found that the transaction involving the acquisition and subsequent sale of shares was a contrived attempt at tax planning rather than a genuine investment, lacking bona fide commercial justifications. Emphasizing the importance of genuine transactions in tax planning, the Tribunal dismissed the appeal, citing the Supreme Court's stance on tax avoidance schemes and colorable devices. en-us Mon, 19 May 1986 00:00:00 +0530 Fri, 17 Dec 2010 12:21:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58081 The Appellate Tribunal upheld the disallowance of the claimed short-term capital loss of Rs. 2,66,000 by the assessee firm. The Tribunal found that the transaction involving the acquisition and subsequent sale of shares was a contrived attempt at tax planning rather than a genuine investment, lacking bona fide commercial justifications. Emphasizing the importance of genuine transactions in tax planning, the Tribunal dismissed the appeal, citing the Supreme Court's stance on tax avoidance schemes and colorable devices. Case-Laws Income Tax Mon, 19 May 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58081