9911796707
TMI Blog2001 (9) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... red for the opinion of this court. During the course of assessment, the Assessing Officer noticed that the assessee has claimed the short-term capital loss on account of share transactions. He rejected that claim. According to him, in the absence of the balance-sheets of the companies for which the loss could not be ascertained. In appeal before the Commissioner of Income-tax (Appeals), the Commissioner of Income-tax (Appeals) vide his order dated June 1, 1983, in paragraph 11 has stated that the mere fact of non-filing of the balance-sheets of the companies, the shares of which were sold cannot be made a ground for rejection of the short-term capital loss and the order of the Assessing Officer was set aside and sent back with a direction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee, submits that the assessee-company is not an investment company and whether Explanation to section 73 of the Act has any application has been considered by the Commissioner of Income-tax (Appeals), in the assessment year 1980-81 in the case of this very assessee and found that the Explanation to section 73 has no application in the case of this assessee. That order dated December 20, 1988, for the assessment year 1980-81 of the Commissioner of Income-tax (Appeals) has been accepted by the Department. He further submits the shares are quoted in the stock exchange. Therefore, when the details are given, no broker's note is needed. He further submits that when the balance-sheet of the assessee has been filed the balance-sheets of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... those directions and considering the materials referred to in the order dated June 1, 1983, he rejected the claim of the assessee only on taking into account the Explanation to section 73 of the Act. The Commissioner of Income-tax (Appeals) has considered this issue and the Commissioner of Income-tax (Appeals) found that in the facts and circumstances, the Explanation to section 73 has no application, as the assessee is not an investment company. That order of the Commissioner of Income-tax (Appeals) in the assessment year 1980-81 has not been challenged by the Department. Once the order has been accepted and when the facts are more or less similar in the assessment year in hand, i.e., 1979-80, there is no reason to disagree with the view t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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