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2008 (10) TMI 8 - HC - Income TaxSale and transfer of shares – tribunal hold that the transfer of shares could not be booked as a business loss as this was not necessitated by any business necessity but were the exigencies of the group companies - tribunal hold that transactions in respect of the shares on the basis of which business loss was caused were genuine as they were at market value - order of tribunal require no interference - no allegation of furnishing inaccurate particulars of income - penalty not imposable
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