1995 (4) TMI 42

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..... A J.--By this petition under section 256(2) of the Income-tax Act, 1961, the Revenue seeks a direction to the Income-tax Appellate Tribunal to state a case and refer to this court for its opinion, the following questions, relevant to the assessment year 1983-84 : " (1) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that .....

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..... s correct in law in holding that loss of Rs. 80,000 arising from sale of shares is a bona fide transaction and, consequently, the long-term capital loss is allowable ? " We have heard learned standing counsel appearing for the Revenue as also learned counsel appearing for the assessee. In our opinion, question No. 1 as proposed by the Revenue is not properly worded although the said question doe .....

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..... he facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that annual letting value of the house property at N-26, Panchsheel Park, be calculated on the basis of monthly rent of Rs. 7,000 received by the assessee notwithstanding the agreement of the assessee with the lessee-firm which is controlled by him and in pursuance of which the lessee is .....

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