1997 (7) TMI 89

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..... ) of the Income-tax Act, 1961, at the instance of the Revenue and the following question of law has been framed by the Revenue for calling for the statement of facts from the Tribunal : "Whether, on the facts and circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that the amount of Rs. 4,63,280 was a loss especially in view of the fact that the assessee was .....

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..... We have heard learned counsel for the parties and perused the record. The main case which has been cited by learned counsel, is the decision of the Supreme Court reported in CIT v. Piara Singh [1980] 124 ITR 40. It is also subsequently followed by the Madhya Pradesh High Court in Shri Vishnu Kumar Soni v. CIT [1985] 155 ITR 34, and then by the Karnataka High Court in C. Krishnalal Jain v. CIT [19 .....

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