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COMMISSIONER OF INCOME-TAX versus SHEKHAWATI RAJPUTANA TRADING CO. (P.) LTD.


Business Loss The loss on the sale of shares to the chairman of this company is not proof that the transaction was genuine, there is no evidence that there was no other buyer selling when the broker check issued for the purchase and repurchase. Was not sold by a bank when there was not enough funds in the bank transactions of both parties. Sale was not realistic The loss on the sale of shares was not deducted in the Indian Income Tax Act, 1961

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