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Shares Sale/Purchase Not a Colourable Transaction Based on Mere Suspicion
Case Law Details
- Case Name
- CIT Vs Lakshmangarh Estate & Trading Co Ltd (Calcutta High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Calcutta High Court
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CIT Vs Lakshmangarh Estate & Trading Co Ltd (Calcutta High Court)
The case of CIT Vs Lakshmangarh Estate & Trading Co Ltd, adjudicated by the Calcutta High Court, revolves around the assessment of a significant loss claimed by the assessee company on the sale of shares. The dispute arose when the Assessing Officer disallowed the set-off of this loss against long-term capital gains, alleging the transaction to be a colourable one aimed at tax evasion.
The assessee company purchased 13,04,700 shares of M/s. Hindustan Development Corporation Ltd. in July 1994, subsequen...
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