Assessing Officer disallowed the capital  loss and not allowed to be setoff against long term capital gains . On appeal the Tribunal held that  the Assessing Officer cannot disregard a transaction just because it results in a tax advantage to the assessee.  Tribunal held that  they  cannot legitimize and glorify tax evasion through colourable devices and tax shelters. Tribunal also held they cannot  deprecate and disapprove genuine tax planning within the framework of law. The line of demarcation between what is permissible tax planning and what turns into impermissible tax avoidance may be somewhat thin, but that cannot be excuse enough for the tax authorities to err on the side of excessive caution.   Tribunal  directed the  Assessing Officer  to allow set-off of  long term capital loss on the sale of shares in VCAM Investment Managers Pvt Ltd, against the long term capital gains on the sale of the property. (ITA No. 4286/Mum/2017, dt.20-9-2021) (AY. 2010-11)