Assessee had made a short-term capital gain on sale of shares of a company and claimed short-term capital loss on sale of shares of another company.Assessing Officer held\u00a0 that shares of both companies were purchased at Rs. 100 per share and sold at Rs. 12.20 per share\u00a0 and\u00a0 held that transaction of purchase and sale of shares was a tax avoidance measure and disallowed short-term capital loss.\u00a0 Commissioner (Appeals) and Tribunal confirmed order of Assessing Officer. On appeal the Court held that\u00a0 since Assessing Officer held\u00a0 that transaction of purchase and sale of shares was a sham transaction, the order of Tribunal order did not raise any substantial question of law. (AY. 2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 48 : Capital gains-Computation-Purchase and sale of shares-Sham transactions-Set off of short term loss against short term capital gains-Order of Tribunal disallowing the loss is affirmed.[S. 45, 260A] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-59011","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-flN","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=59011"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59011\/revisions"}],"predecessor-version":[{"id":59012,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/59011\/revisions\/59012"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=59011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=59011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=59011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}