Tax Authorities Overturn Disallowance of Short-Term Capital Gains on Mutual Funds Due to Lack of Evidence of Tax Evasion.

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....Disallowing STCG on mutual funds - lower authorities completely failed to rebut evidences and explanations so filed by these agencies so as to conclude that it was a colourable device or any connivance with the companies to evade tax by booking loss - if the assessee do not fall/suffers from restrictions under law, the assessee could not have been denied that benefit as claimed - loss allowable....