ITAT on Set-Off of Capital Loss via Sham Transaction against Capital Gain

DCIT Vs M/s. B S. Infosolution Pvt. Ltd (ITAT Delhi) ITAT Held that No prudent person with some commercial prudence would pay a hefty premium of Rs. 190/- on a book value of Rs. 82/-, hold it for one year, and then sell the same shares at book value. Further Though the premium is justified by a valuation report, but the same appears to be a self- serving document because a company which is incorporated in January 2011 cannot fetch a hefty premium of Rs. 190/- in a span of three months.  The same property was the subject matter of two distinct transactions – one with QIPL and the other with...