2006 (8) TMI 520

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..... of the Tribunal perverse in deciding the case against the Revenue ignoring the fact that the assessee had adopted the colourable device evidenced by his conduct of incurring heavy losses from year to year in share transaction to avoid the payment of due tax ?" None appears for the respondent though the notice has been duly served as per office record. This appeal has been preferred by the Revenu .....

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..... as repudiated by the Assessing Officer. On appeal, the Commissioner of Income-tax (Appeals) came to the conclusion that the assessee suffered loss on account of share transactions and, therefore, was entitled to the deductions. The Revenue went on appeal and the learned Tribunal also concurred with the decision of the Commissioner of Income-tax. Being aggrieved by the order of the learned Tribunal .....

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..... peal under section 260A is not required to re-appreciate the evidence on record and review the concurrent findings of the Commissioner of Income-tax (Appeals) as well as the learned Tribunal on facts. Therefore, having regard to the decision in CIT v. Janki Textiles and Industries Ltd. [2003] 264 ITR 579 (Gauhati), we are inclined to answer the question in favour of the assessee and against the Re .....

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