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TMI Blog1971 (7) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... to the conclusion, as mentioned earlier, that the losses in question are trading losses and its conclusions have been accepted by the High Court - revenue appeal is dismissed X X X X Extracts X X X X X X X X Extracts X X X X ..... 08,573. In respect of the first year, the assessee claimed a loss of Rs. 19,42,243 and in respect of the second year a loss of Rs. 10,40,409 in respect of sale of certain shares. (These figures are taken from the printed statement of case, but their correctness is disputed. It is not necessary to go into the correctness of these figures). The loss in respect of the first year pertains to dealings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l. After examining the facts of the case, the Tribunal came to the conclusion that the shares in question were purchased in the course of business and that they could not have been purchased so as to enable Mr. Jain to control the management of certain companies. The assessee purchased these shares from Mr. Jain. Therefore, the question of purchasing these shares, so that Mr. S. P. Jain may contro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd and after applying the tests laid down has come to the conclusion, as mentioned earlier, that the losses in question are trading losses and its conclusions have been accepted by the High Court. It is not the case of the revenue that in arriving at its findings the Tribunal had either ignored the relevant considerations or taken into consideration irrelevant matters. In the result, these appea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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