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Purchase & Sale of Group Company share cannot be treated Bogus if same was done to book loss and off-set capital gains
Case Law Details
- Case Name
- The ACIT Vs M/s. R J Corp. Ltd. (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Delhi
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ACIT Vs M/s. R J Corp. Ltd. (ITAT Delhi)
The A. O. has made a observation that the short term capital loss has been incurred on share of group companies and such shares have also been sold to group companies in such a manner that the entire shareholding of the investee company remains with the promoters and at the same time loss has been incurred in the books of the appellant company which has been offset against profit made on the sale of shares of M/s. Krizm Hotels Pvt. Ltd.
No discrepancy has been found in the transaction of purchase and sale of shares undertaken by the appellant company. M...
