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TMI Blog1966 (1) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... GH. JUDGMENT The short point referred in this case under section 66(1) of the Indian Income-tax Act at the instance of the Commissioner of Income-tax, Bihar and Orissa, is whether, on the facts and in the circumstances of the case, the loss of Rs. 1,24,668 arising on the sale of shares was an admissible deduction as a loss arising in the course of the assessee's business of dealing in shares. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee it was patent that the finding of the Appellate Assistant Commissioner to the effect that the acquisition of these shares of those companies was with a view to gain or retain a controlling interest of those companies was wrong. It also found that the assessee's shares were not sold at a price lower than the ruling market price. On these conclusions, the Tribunal was of the opinion that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction with which he claimed the loss of Rs. 1,24,668. In view of the clear finding of the Tribunal that not with a view to controlling the management of the companies or to gaining an advantage of enduring character, the assessee had purchased these shares, it would be difficult to assume that the loss ultimately incurred by him when he disposed them of not at a price lower than the ruling market ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... much longer period than a dealer in shares usually does, has equally no force. The disposal of the shares, it is argued, was in favour of the companies in which the assessee is greatly interested and has, in association with the members of his family and relations, controlling power. The transfer of these shares to those companies has not yielded any benefit to the assessee more than what he had ..... X X X X Extracts X X X X X X X X Extracts X X X X
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