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TMI Blog2015 (5) TMI 266X X X X Extracts X X X X X X X X Extracts X X X X ..... t] the view formed by the Tribunal was a possible view in the facts and circumstances of the case. The judgment is not, however, an authority for the proposition that since purchase was made by borrowed funds, it is bound to become a business transaction. The Tribunal in that case had taken a possible view. Therefore, the apex court did not interfere. The view taken by the learned Tribunal in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst a judgment and order dated March 13, 2014, by which the learned Income-tax Appellate Tribunal dismissed an appeal preferred by the Revenue. The Assessing Officer held that the transaction in shares undertaken by the assessee was in the nature of a business transaction and not investment. Aggrieved by the order of the Assessing Officer, an appeal was preferred by the assessee which was all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dence. It would appear from the assessment order that payment was made for the shares in the month of July itself through bill accommodation facility. Mr. Saraf relied upon a judgment in the case of CIT v. Sutlej Cotton Mills Supply Agency Ltd. reported in [1975] 100 ITR 706 (SC). He drew our attention to the following finding recorded by the apex court (page 713) : The finding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee purchased the shares. It is no doubt true that there was no evidence to show that the money was specifically bor rowed for the purpose of buying shares. But there was evidence before the Tribunal for its finding that the liabilities of the assessee exceeded its assets. The finding, therefore, that the shares were purchased with the borrowed funds on which the assessee was paying inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case had taken a possible view. Therefore, the apex court did not interfere. No other submission was made. We are of the opinion that the view taken by the learned Tribunal in this case is also based on evidence and is a possible view. There is, as such, no reason why the High Court should interfere. For the aforesaid reasons, we refuse to admit the appeal, which is, accordingly, dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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