Supreme Court upheld Dividend-Stripping Law

 Supreme Court upheld Dividend-Stripping Law in the case of Wall fort Shares & Stock Brokers

CIT Vs. Walfort Share & Stock Brokers (Supreme Court)-A Five Member Special Bench of the Tribunal (96 ITD 1 (Mum) (SB)) and the Bombay High Court (310 ITR 421 (Bom)) held that the ‘loss’ incurred by an assessee in ‘dividend-stripping’ transactions cannot be disallowed on the ground that it was ‘tax-planning‘.

In respect of AY 2000- 01, the assess

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