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| The Tax Publishers2019 TaxPub(DT) 3836 (Kol-Trib) INCOME TAX ACT, 1961
Section 143(3)
Genuineness of transaction of sale and purchase of share with assessee and buyer-company had not been doubted by AO. AO did not bring anything on record to prove that transaction was a colourable device to reduce tax liability. Accordingly disallowance of assessee's claim long-term capital loss on sale of equity share was not justified.
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Assessment - Disallowance - Lon-term capital loss on sale of shares - Reason, sale of shares below breakup value
Assessee declared long-term capital loss on sale of equity share without STT. AO disallowed assessee's claim on the ground that sale price of shares was below the breakup value of those shares.Held: Genuineness of transaction of sale and purchase of share with assessee and buyer-company had not been doubted by AO. AO did not bring anything on record to prove that transaction was a colourable device to reduce tax liability. Accordingly disallowance of assessee's claim was not justified.
Relied:CIT v. Smt. Nandini Nopany (1998) 230 ITR 679 (Cal) : 1998 TaxPub(DT) 1066 (Cal-HC)
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2010-11
INCOME TAX ACT, 1961
Section 115JB
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