Allegations of Tax Evasion via Artificial Capital Gains Loss Through LLP Land Transfer Disallowed by Authorities.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Artificial capital gains loss - colourable device to evade tax - Allegation of transfer of agricultural land to LLP to generation artificial loss to set off with capital gain - LLP created after conversion of Limited Company into LLP - The capital losses said to have been incurred by the assessee are only notional and introduced artificially. Authorities below rightly disallowed the same. - AT....