Loss created from sale / Purchase of shares through sister concerns not allowable

HIGH COURT OF MADRAS Premier Synthetic Industries v. Income-tax Officer, Ward – II (7), Coimbatore  TC(A) NOS. 899 AND 900 OF 2005 JUNE 4, 2012 JUDGMENT Mrs. Chitra Venkataraman, J The assessee has preferred these appeals as against the order of the Tribunal relating to assessment years 1987-88 and 1988-89. The above Tax Case (Appeals) are admitted on the following common substantial question of law:- “Whether on the facts and circumstances of the case, the Tribunal was right in confirming the disallowance of loss incurred by the appellant arising from purchase an...