Assessee can set-off capital loss arising from sale of shares to sister concern

HIGH COURT OF GUJARAT Assistant Commissioner of Income-tax V/s. Biraj Investment (P.) Ltd. TAX APPEAL NO. 260 OF 2010 AUGUST 7, 2012 JUDGMENT Akil Kureshi, J.  Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal (‘Tribunal’ for short) dated 15.9.99. While admitting the appeal, Division Bench framed following substantial questions of law for consideration : “1. Whether, the Appellate Tribunal is right in law and on facts in holding that the assessee could make valid transfer of the shares which were pledged with the Industrial Devel...