Set off of long-term capital loss on sale of unquoted equity shares against gain on sale of property

Chandra N. Hingorani Vs ITO (ITAT Mumbai)

Merely because the assessee had sold the shares at face value in a distressed situation it could not be presumed that the assessee had engineered the transaction to manage its tax liability. Therefore, AO was not justified in disallowing the claim of assessee for set off of long-term capital loss on sale of unquoted equity shares against long-term capital gain on the sale of property.

FULL TEXT OF THE ITAT JUDGMENT

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