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2015 (9) TMI 646 - ITAT AHMEDABADGenuity of loss on sale of shares - Held that:- No reasons to reject the loss on sale of shares by the assessee. The prices at which shares are sold cannot be subjected to our scrutiny and determination, but then rejecting the loss in entirety ends up holding that the assessee ought to have sold the shares at the prices at which the same were purchased. That is beyond the plea of tax authorities to decide, and it is for the businessman as to how he conducts his business – though within the framework of law and without any subterfuges. In view of the above discussions, and bearing in mind entirety of the case, we uphold the grievance of the assessee. Accordingly, the Assessing Officer is directed to delete the disallowance on account of sale of shares. The assessee gets the relief accordingly. - Decided in favour of assessee.
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