Sale & Purchase through stock market transactions would not come under GAAR without proof of arrangement

Smt. Anvida Bandi Vs DCIT (Telangana High Court) Conclusion: Department had not been able to show any arrangement to have been made by assessee in the course of selling its shares of M/s. HCL Technologies Pvt. Ltd. amounted to Impermissible Avoidance Arrangement (for short, ‘IAA’) and it was a pure trading done by assessee with no knowledge. In the absence of any strong material made available by the Department meeting the requirements and ingredients that were reflected under Section 96(1) of the Act, the writ petition was accordingly allowed. Held: Assessee was involved in making investm...