ITAT rightly rejected set off of business loss in trading of castor oil as same was found sham transaction

INCOME TAX: Where assessee's claim for set off of loss incurred on trading of castor oil against its other incomes was rejected, in view of fact that parties with whom business transactions of castor oil were entered into, were sister concerns and directly under influence of assessee, revenue authorities rightly concluded that transactions of purchase and sale of castor oil were sham and, thus, assessee's claim for sett off of loss incurred in those transactions could not be allowed

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