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2014 (3) TMI 625 - AT - Income TaxDisallowance of capital loss – Genuineness of the transaction - Increment in the value of land not proved - Held that:- There was no evidence or basis for holding the sale of shares to assessee’s wife as sham transaction - Merely because the transaction is between the relatives, it, per se, cannot be said to be sham or bogus transaction – revenue contended that the company M/s Karma Lakelands Pvt. Ltd. has substantial agricultural land, its value has increased manifolds and, therefore, the sale of shares at book value is not correct – but, there is no such reason is given either by the Assessing Officer or by the CIT(A) and, except the bald statement, no evidence is produced to point out that the market value of the assets was much more than what is shown in the balance sheet – thus, there was no justification for the disallowance of capital loss – thus, the order of the CIT(A) set aside – Decided in favour of Assessee.
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