Set off of LTCG on sale of Land against Loss on off-market sale of shares

ACIT (OSD) Vs. Deepakbhai N. Parikh (ITAT Ahemdabad)  ITAT held that assessee should be allowed set off of long term capital loss from sale of shares off market against the long term capital gain on sale of land as they have been entered within the permissible four corners of law and the modus operandi of the assessee is not that of tax evasion but of tax planning. Assessing officer has made the dis allowance of set off of long-term capital loss on sale of sales of M H Mills and industries Ltd. merely because the transaction has been done off market which has resulted in the long term capital...