Court Upholds Capital Loss Set-Off for Long-Held Shares, Recognizes Legitimate Tax Planning, Not Avoidance.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Set off of capital loss - tax planning vs tax avoidance - shares were held by assessee for long period - transaction has not been doubted - sold at a price which was more than NAV value of shares as on date of sale of shares- allowable even if it is a case of tax planning within four corners of law and the same cannot be brushed aside.....