9911796707
TMI Blog1999 (10) TMI 60X X X X Extracts X X X X X X X X Extracts X X X X ..... 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), inter alia, requesting the Tribunal to make a reference to this court on the following question of law : "Whether the Appellate Tribunal is right in law and on facts in setting aside the order passed by the Commissioner of Income-tax under section 263 of the Act wherein he had directed the Assessing Officer to disallow t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the said Act. However, the Commissioner of Income-tax was of the view that in order to allow deduction of a business loss, there should have been a computation under the head "Business". In the case of the assessee, there was no such computation of income or loss under the head "Business" as observed by the Commissioner. It is further observed that the profit and loss account also shows that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat there was such computation of profit and loss under the head "Business" and that merely because the assessee did not earn any income on "business" during the year, the Revenue cannot prevent the assessee from claiming the loss. The Tribunal on perusal of the record observed that the assessee was dealing in shares since 1978 and since the assessment year 1984-85 onwards, he was doing certain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder of the Tribunal and therefore, he was required to say that the order is perverse. The assessee has placed before us the copy of the statement in detail produced before the Assessing Officer. It is clear that the Tribunal perused the record and after considering the same, passed the impugned order. It is not necessary that for every year the assessee must have earned income from the busines ..... X X X X Extracts X X X X X X X X Extracts X X X X
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