ITAT deletes disallowance of Long Term Capital Loss incurred on Sale of Share of private company to initial promoters [Read Order]

ITAT - disallowance - Long Term Capital - Sale of Share - Capital Loss - ITAT Delhi - taxscan

The Income Tax Appellate Tribunal (ITAT), Delhi bench has annulled the disallowance of a long-term capital loss arising from the sale of shares of a private company to its initial promoters. In this case, the individual assessee, Paramjit Gandhi, receives remuneration from M/s Progressive Tools and Components Pvt. Ltd, where he serves as one of…

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