{"id":585,"date":"2010-07-06T08:18:31","date_gmt":"2010-07-06T08:18:31","guid":{"rendered":"http:\/\/www.itatonline.org\/info\/?p=585"},"modified":"2010-07-06T15:28:29","modified_gmt":"2010-07-06T15:28:29","slug":"dividend-stripping-law-upheld-by-supreme-court-wallfort-shares-stock-brokers","status":"publish","type":"post","link":"https:\/\/itatonline.org\/info\/dividend-stripping-law-upheld-by-supreme-court-wallfort-shares-stock-brokers\/","title":{"rendered":"Dividend-Stripping Law upheld by Supreme Court"},"content":{"rendered":"<p>In <strong><a href=\"https:\/\/itatonline.org\/archives\/index.php\/cit-vs-wallfort-shares-stocks-bombay-high-court\/\">Wallfort Shares &#038; Stock Brokers<\/a><\/strong>, a Five Member Special Bench of the Tribunal (96 ITD 1 (Mum) (SB)) and the Bombay High Court (310 ITR 421 (Bom)) held that the &#8216;loss&#8217; incurred by an assessee in &#8216;dividend-stripping&#8217; transactions cannot be disallowed on the ground that it was &#8216;<strong>tax-planning<\/strong>&#8216;. <strong>The department&#8217;s SLP against the said judgement has been <em>dismissed <\/em>by the Supreme Court today, 6th July 2010<\/strong>. <\/p>\n<div class=\"journal4\">Click <a href=\"https:\/\/bit.ly\/WallFort\">here <\/a>for the judgement of the Supreme Court.\n <\/div>\n<div class=\"journal2\">\nSee Also <strong><a href=\"https:\/\/itatonline.org\/archives\/index.php\/porrits-spencer-asia-vs-cit-ph-high-court-tax-planning-is-valid-as-mcdowell-5-judges-has-been-explained-in-azadi-bachao-2-judges-the-latter-is-binding\">Porrits &#038; Spencer (Asia) vs. CIT<\/a><\/strong> 231 CTR 294 (P&#038;H) where the alleged conflict between <strong>McDowell<\/strong> 154 ITR 148 (SC) &#038; <strong>Azadi Bachao Andolan<\/strong> 263 ITR 706 (SC) has been reconciled. <\/div>\n","protected":false},"excerpt":{"rendered":"<p>In <strong><a href=\"http:\/\/itatonline.org\/archives\/index.php\/cit-vs-wallfort-shares-stocks-bombay-high-court\/\">Wallfort Shares &#038; Stock Brokers<\/a><\/strong>, a Five Member Special Bench of the Tribunal (96 ITD 1 (Mum) (SB)) and the Bombay High Court (310 ITR 421 (Bom)) held that the &#8216;loss&#8217; incurred by an assessee in &#8216;dividend-stripping&#8217; transactions cannot be disallowed on the ground that it was &#8216;tax-planning&#8217;. The department&#8217;s SLP against the said judgement has been <strong>dismissed<\/strong> by the Supreme Court today, 6th July 2010. <\/p>\n<div class=\"read-more\"><a href=\"https:\/\/itatonline.org\/info\/dividend-stripping-law-upheld-by-supreme-court-wallfort-shares-stock-brokers\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_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":[1,6],"tags":[],"class_list":["post-585","post","type-post","status-publish","format-standard","hentry","category-all-information","category-supreme-courthigh-court-related"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts\/585","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/comments?post=585"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/posts\/585\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/media?parent=585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/categories?post=585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/info\/wp-json\/wp\/v2\/tags?post=585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}