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TMI Blog2014 (12) TMI 1250X X X X Extracts X X X X X X X X Extracts X X X X ..... mbai Versus M/s. Walfort Share & Stock Brokers P. Ltd. [2010 (7) TMI 15 - SUPREME COURT ] - Decided in favour of assessee - Tax Appeal No. 897 of 2007 With Tax Appeal No. 898 of 2007 - - - Dated:- 17-12-2014 - K. S. Jhaveri And K. J. Thaker, JJ. For the Appellant : Mr Bhatt (Sr. Advocate), Mauna M. Bhatt (Advocate) For the Opponent : Tushar P. Hemani (Advocate) JUDGMENT K. S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ces to the income of the respective assessee. The assessees, therefore, approached the learned CIT(A) by filing separate appeals, which came to be allowed in part. It appears that, then, the assessees as well as the Revenue carried the matter before the Tribunal, wherein, the Tribunal passed the impugned order. Hence, the present appeals. 4. At the time of admitting the present appeal, this Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , (2010)326 ITR 1 [SC], wherein, the Apex Court, under the similar circumstances, answered the issue in favour of the assessee, observing and holding as under; The real objection of the Department appears to be that the assessee is getting tax-free dividend; that at the same time it is claiming loss on the sale of the units; that the assessee had purposely and in a planned manner entered in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said provision of the Act. That such use cannot be called abuse of law . Even assuming that the transaction was pre-planned there is nothing to impeach the genuineness of the transaction. With regard to the ruling in McDowell Co. Ltd.v. Commercial Tax Officer [1985] [154 ITR 148(SC)], it may be stated that in the later decision of this Court in Union of India v. Azadi Bachao Andolan [2003] ..... X X X X Extracts X X X X X X X X Extracts X X X X
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