9911796707
TMI Blog1980 (5) TMI 61X X X X Extracts X X X X X X X X Extracts X X X X ..... th Oct., 1979. The appeal in ITA No. 986 (Chandi)/1979 filed on17th Nov., 1979has been filed by the ITO, A-Ward Faridabad. Alongwith the second appeal an application for condonation of delay of 33 days has also been filed. The reason given is that when the CIT authorised the appeal to be filed by the ITO, C-Ward, it was not brought to his notice that the jurisdiction over the case had been transfe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15 of the Tribunal Rules 1963, in an appeal under sub-s (2) of s. 253, a certified copy of the order of the Commr. directing that an appeal be preferred, shall be appended to the memorandum of appeal. This certificate was properly enclosed with the Memorandum of appeal filed on11th Oct., 1979, the appeal filed on11th Oct., 1979, which is registered as ITA No.904 (Chandi)/1979 itself is competent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oss should be carried forward as such. 3. Aggrieved, the assessee filed an appeal to the AAC and submitted that the investment in shares was converted into stock-in-trade as on1st April, 1974. It was pointed out that for the asst. yr. 1975-76 a loss of Rs. 11,840 had already been allowed. It was also pleaded that the assessee continued trading in shares not only in this year but also in the asst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e sold only those shares prices of which were falling in the market but did not sell those shares the price of which was rising. He also submitted that the method of calculating the loss was also not correct because from the sale proceeds the original cost was deducted. The ld. counsel for the assessee relied on the order of the AAC. 5. I have carefully considered the rival submissions. An asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allow the full loss of Rs. 12,001 claimed by the assessee. It would direct the ITO to work out the loss in the light of the aforesaid judgement of the Supreme Court and allow that loss only as business loss. 6. In the result, for statistical purposes ITA No. 984 (Chandi)/1979 shall be deemed to have been partly allowed and ITA No.986 (Chandi)/1979 is dismissed as being infructuous. - - TaxTM ..... X X X X Extracts X X X X X X X X Extracts X X X X
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