9911796707
TMI Blog2019 (2) TMI 1141X X X X Extracts X X X X X X X X Extracts X X X X ..... claimed by the Assessee as business loss in the year in question. Tribunal, therefore, was justified in disallowing the same and therefore, the Tax Case filed by the assessee has no merit and it deserves to be dismissed. - Tax Case No.413 of 2008 - - - Dated:- 2-1-2019 - Dr. Justice Vineet Kothari And Dr. Justice Anita Sumanth For the Appellant : Mr.V.S.Jayakumar For the Respondent : Mr.M.Swaminathan Senior Standing Counsel 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e books of the assessee are liable to be rejected. The learned counsel of the assessee's contention that no fault has been found in the manner of physical verification is devoid of cogency as the system of accounting and book keeping by which more than 50% of the purchases became tracelss is not at all reliable in totality from any point of view. The assessee has vehemently contended that assessee's accounts are regularly and properly audited. In that case, the aspect that some loss of stock of shares might have happened in earlier years but detected during the current year does not come to the fore. Moreover, loss if any, pertaining to earlier period cannot be allowed and claimed in the current assessment year. Again, no case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pressed the second question of law. 5. Having heard the learned counsel appearing for the parties, we are of the clear opinion that the findings arrived at by the Tribunal and the Authorities below are essentially the findings of fact and business loss in question as claimed by the Assessee by merely devaluing the book value of the Shares purchased by them, during the year in question could not have been claimed by the Assessee as business loss in the year in question. 6. The learned Tribunal, therefore, was justified in disallowing the same and therefore, the Tax Case filed by the assessee has no merit and it deserves to be dismissed. Accordingly, the Tax Case is dismissed and the aforesaid first question of law is answered against t ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
