Sham Transaction between Associated Enterprises: ITAT Disallows Proprietary Business Loss [Read Order]

Sham Transaction between Associated Enterprises - ITAT Disallows Proprietary Business Loss - Sham Transaction - Associated Enterprises - ITAT - Proprietary Business Loss - Business Loss - Loss - Taxscan

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has disallowed the proprietary business loss since sham transactions were found between associated enterprises. The assessee Samtel Glass Ltd. is a public limited company engaged in the business of manufacture and sale of glass shells and a funnel used in colour television picture tubes and also…

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