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2008 (8) TMI 222 - HC - Income Tax
Tax avoidance insertion of s.s. (7) in S. 94 - transaction of purchasing dividend bearing units of Mutual Fund and redeeming the same at a loss immediately after receiving the dividend income transaction between mutual fund and assessee were at arms length moreover, SEBI had not found any illegality in the transaction such loss cannot be treated as expenditure for earning the tax free income - loss arising on sale of the units can be set off against other taxable income of assessee