High Court ruled on validity of bonus shares issuance & GAAR vs. SAAR. GAAR prevails. Petitioner's argument flawed.

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....The High Court considered the validity of proceedings u/s 144BA regarding issuance of bonus shares and the invocation of GAAR over SAAR. The petitioner sought to set off short term capital loss against long term gains, questioning the application of Section 94(8) vs. GAAR. The court noted GAAR's overriding effect u/s 95(1) and rejected petitioner's argument favoring SAAR. The court found the arrangement lacked commercial substance, falling u/s 96 of Chapter X-A. The petitioner's reliance on the Shome Committee Report was deemed misplaced. The court emphasized fair tax planning within the law and dismissed the writ petitions, allowing proceedings u/s 144AB to continue.....