Short-term capital loss from selling shares valid. Intervening transactions can't be ignored. Buying loss-making firm's shares for turnaround legit.

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....Short term capital loss cannot be disallowed merely due to shares being sold at a loss within a short span after acquisition. An intervening legal transaction cannot be ignored based on assumptions about motive. Purchase of loss-making company's shares with intent to improve performance is a valid business decision. Fair market value provisions for unquoted shares u/s 50CA are applicable only from AY 2018-19 onwards. For earlier years, actual consideration received is the full value of consideration u/s 48 for computing capital gains/loss. Disallowance of short term capital loss was unjustified and deserves deletion.....