2013 (12) TMI 1211

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ount of the fall in the value of the share was a solitary one - The Tribunal has recorded its finding that the transaction did not constitute the business carried on by the company, cannot be termed as perverse or unreasonable - No substantial question of law arises - Decided against Revenue. - ITA No. 112/2000 - - - Dated:- 20-11-2013 - S Ravindra Bhat And Najmi Waziri, JJ. For the Appella .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... et off against the assessee's profits earned from other businesses. The disallowance was carried in appeal unsuccessfully by the assessee. The Appellate Commissioner returned the findings that the assessee was not engaged inter alia in the business of purchase and sale of shares so as to fall into the mischievous transaction under Section 73. The Appellate Commissioner took into consideration the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... High Court reported as Standipack Pvt. Ltd. v. Commissioner of Income Tax (2013) 350 ITR 251 (Cal.) in support of his submission. 4. In the present case, the facts are that the assessee was engaged in the business of trading of crafts paper, installation, job work, consultancy and commission. By all means, the transaction whereby it purchased the shares and incurred loss on account of the fall i .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X