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TMI Blog2019 (2) TMI 1141X X X X Extracts X X X X X X X X Extracts X X X X ..... assisted by Ms.Premalatha JUDGMENT DR.VINEET KOTHARI, J. The Assessee, an NBFC (Non Banking Financial Company) has filed this Tax Case under Section 260A of the Income Tax Act, aggrieved by the order of the learned Income Tax Appellate Tribunal, dated 31st October 2017 for the Assessment Year 2003- 2004, disallowing the loss claimed by the Assessee Company on the purchase of Shares during the P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d as loss of shares on physical verification as at the close of the year. Reference to diminution in the value of shares is a misleading nomenclature as rightly pointed out by the authorities below. In such a situation, we agree with the learned Departmental Representative that on these facts, the method of accounting and stock taking by the assessee cannot at all be relied upon and the resultant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Moreover, loss if any, pertaining to earlier period cannot be allowed and claimed in the current assessment year. Again, no case has been made out that there was theft etc. of the shares as no submission in this regard has been made. Moreover, in the absence of any complaint in this regard with concerned authorities, this aspect does not emerge for adjudication. The learned counsel of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not allowable? ii) Whether the Tribunal was right in ignoring the submissions made on behalf of the appellant that the loss in question did not arise out of the purchases made in the year of account but arose due to the diminution in valuation of shares held as on the first day of the previous year in question?" 4. Though the Tax Case was admitted on two questions of law, the learned counsel fo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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