https://www.taxtmi.com/caselaws?id=60614 The Appellate Tribunal allowed the capital loss arising from the sale of shares to be set off against capital gains for the assessment year 1986-87. The Tribunal found no evidence of sham transactions or collusion, emphasizing the genuineness of the sale. It held that legitimate tax planning within the legal framework was permissible, citing relevant legal precedents. The Tribunal upheld the CIT(A)'s decision directing the Income Tax Officer to permit the set off of the capital loss against capital gains, dismissing the revenue's appeal. en-us Mon, 26 Jul 1993 00:00:00 +0530 Fri, 07 Jan 2011 12:03:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60614 The Appellate Tribunal allowed the capital loss arising from the sale of shares to be set off against capital gains for the assessment year 1986-87. The Tribunal found no evidence of sham transactions or collusion, emphasizing the genuineness of the sale. It held that legitimate tax planning within the legal framework was permissible, citing relevant legal precedents. The Tribunal upheld the CIT(A)'s decision directing the Income Tax Officer to permit the set off of the capital loss against capital gains, dismissing the revenue's appeal. Case-Laws Income Tax Mon, 26 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60614