2011 (6) TMI 871

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..... ax Act, 1961 ["the Act"], the appellant-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 circumstan .....

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..... ve-referred decision has held 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 i .....

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..... ansaction was pre-planned there is nothing to 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 corn .....

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