TMI Blog2011 (6) TMI 871X X X X Extracts X X X X X X X X Extracts X X X X ..... -revenue has challenged order dated 8th September, 2006 made by the Income Tax Appellate Tribunal, Ahmedabad Bench A , Ahmedabad in I.T.A. No. 1565/Ahd/2006 for the Assessment Year 2001-2000. 2. While admitting the appeal, this Court had, by an order dated 10.4.2008 formulated the following substantial question of law: Whether on the facts and circumstances of the case, the Appellate Trib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eld as under: The real objection of the Department appears to be that the assessee is getting tax-free dividend; that at the same time it is claiming loss on the sale of the units; that the assessee had purposely and in a planned manner entered into a pre-meditated transaction of buying and selling units yielding exempted dividends with full knowledge about the fall in the NAV after the reco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o impeach the genuineness of the transaction. With regard to the ruling in McDowell Co. Ltd.v. Commercial Tax Officer [1985] [154 ITR 148(SC)], it may be stated that in the later decision of this Court in Union of India v. Azadi Bachao Andolan [2003] [263 ITR 706(SC)] it has been held that a citizen is free to carry on its business within the four corners of the law. That, mere tax planning, wit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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