AO can’t disregard a transaction just because it results in tax advantage to assessee: Mumbai ITAT

INCOME TAX : Where assessee, NRI, sold a property and earned capital gain and also reported a long-term capital loss on sale of certain shares in company (VCAM) and Assessing Officer was of view that long-term capital loss on account of equity shares of company (VCAM) appears to be prima facie fictitious and not entitled to be adjusted against any taxable income, since ownership is transferred, consideration is paid and transaction is complete,

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317021/ao-can’t-disregard-a-transaction-just-because-it-results-in-tax-advantage-to-assessee-mumbai-itat.aspx