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2019 (6) TMI 1414 - AT - Income TaxClaim of loss on share transactions - genuineness of sale and purchase of shares - AO was of the view that the assessee has incurred such loss to avoid the long-term capital gain income earned by it. Thus the AO treated such loss as generated using the colorable device. - CIT (A) after considering the submission of the assessee deleted the disallowance made by the AO Held that:- the Revenue has taken the different stand by taxing the gain with respect the transaction for the sale of shares within the group but disallowed the loss with respect the transaction for the sale of shares within the group. Thus the stand of the Revenue was contradictory. ITAT in the own case of the assessee [2018 (12) TMI 1734 - ITAT AHMEDABAD] involving identical issues pertaining to the assessment year 2010-11 has decided the issue in favour of the assessee and against the Revenue. Decided against the revenue.
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