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TMI Blog2013 (4) TMI 115X X X X Extracts X X X X X X X X Extracts X X X X ..... findings cannot be said to be one based on 'No evidence' nor can it be said that the same was perverse finding of fact justifying interference within the narrow scope of Section 260A of the Act - Appeal of the revenue is dismissed. - TAX APPEAL No. 2451 of 2010 - - - Dated:- 13-2-2012 - MR. BHASKAR BHATTACHARYA AND MR. J.B. PARDIWALA JJ. Appearance: MRS MAUNA M BHATT for Appellant(s): 1, ORAL ORDER (Per : HONOURABLE THE ACTING CHIEF JUSTICE MR.BHASKAR BHATTACHARYA) This Appeal under Section 260A of the Income Tax Act is at the instance of Revenue and is directed against the order dated 4th June 2010 passed by the Income Tax Appellate Tribunal, Ahmedabad Bench-'C' in ITA No.1305/Ahd/2007 for the Assessment Year 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he said order passed by the Commissioner of Income Tax, the Revenue preferred appeal before the Tribunal below but the Tribunal affirmed the order passed by the Commissioner of Income Tax (Appeals). After the matter was remitted back, the Assessing Officer found that it had earned a profit of Rs.26,90,460=00 in respect of similar business. In the second round of litigation, the Assessing Officer, however, came to a fresh finding that the purchase transaction of 30,500 Swarnima Oil shares for Rs.16,78,175=00 should be treated as fictitious transaction entered in the books at later dates with the help of conniving parties with the intention of evading taxes, and hence, loss of Rs.10,79,875=00 was treated as fictitious and bogus loss and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s predecessor had already discussed in detail and the speculative loss of Rs.10 lac had already been held to be genuine and such order had been affirmed by the Tribunal. In such circumstances, the Commissioner of Income Tax (Appeals) held that when speculative profit is clearly established, the appellant is entitled to get set-off of speculative loss claimed at Rs.10,79,875=00 during the year under consideration. Being dissatisfied, the Revenue preferred appeal before the Tribunal below and by the order impugned herein, the Tribunal has affirmed the order passed by the Commissioner of Income Tax (Appeals). Being dissatisfied, the present Appeal has been preferred by the Revenue. After hearing Mrs.Bhatt, learned counsel appearing on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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