High Court of Bombay at Goa Dismisses Revenue's Appeal in Tax Evasion Case — Transaction of Share Transfer Held Genuine, Not a Colourable Device. The court upheld the ITAT's finding that the sale of shares of group companies at a low price and sale of shares of Mackhinon & Mackenzie Co. Ltd. at a high price were genuine transactions, and the resultant set-off of long-term capital loss against short-term capital gains was permissible under the Income Tax Act, 1961.
23 Oct 2013The case pertains to an appeal filed by the Commissioner of Income Tax under Section 260A of the Income Tax Act, 1961, against the order of the Income...
