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2011 (3) TMI 21 - HC - Income TaxDisallowance of loss – On account of purchase and resale of UTI units - The assessee incurred a loss of Rs. 63,84,000/- which is the subject matter of dispute - The real objection of the Department appears to be that the assessee is getting tax-free dividend; that at the same time it is claiming loss on the sale of the units; that the assessee had purposely and in a planned manner entered into a pre-meditated transaction of buying and selling units yielding exempted dividends - In the case of Union of India Vs. Azadi Bachao Andolan (2003 -TMI - 6130), that a citizen is free to carry on his business within the four corners of the law and that mere tax planning, without any motive to evade taxes through colourable devices is not frowned upon – Appeal is allowed
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