https://www.taxtmi.com/caselaws?id=59154 The court upheld the disallowance of a short-term capital loss claimed by the assessee on the sale of land and a factory building due to lack of evidence on recovery of costs and market value, familial relationship between parties, and absence of proof on offers received. The Tribunal concurred with revenue authorities, emphasizing the improbability of selling the project at a significant loss. The sale was deemed non-bonafide and self-inflicted, lacking genuine business purpose, leading to the rejection of the capital loss claim. en-us Fri, 27 Mar 1992 00:00:00 +0530 Sat, 25 Dec 2010 12:56:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59154 The court upheld the disallowance of a short-term capital loss claimed by the assessee on the sale of land and a factory building due to lack of evidence on recovery of costs and market value, familial relationship between parties, and absence of proof on offers received. The Tribunal concurred with revenue authorities, emphasizing the improbability of selling the project at a significant loss. The sale was deemed non-bonafide and self-inflicted, lacking genuine business purpose, leading to the rejection of the capital loss claim. Case-Laws Income Tax Fri, 27 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59154