The Tribunal set aside the disallowance of short-term loss claimed by the assessee in the Profit and...

The Tribunal set aside the disallowance of short-term loss claimed by the assessee in the Profit and Loss Account, holding that the shares were acquired under a normal business transaction and can be treated as stock-in-trade. The High Court held that u/s 260-A of the Act, it could entertain an appeal only if it involves a substantial question of law. In the present case, the question raised by the Revenue is not a substantial question of law but a question of fact. The Revenue did not file an appeal before the Tribunal regarding the colorable device or genuineness of the transaction or the allowance of loss. The substantial question of law raised by the Revenue emanates from the order of the Commissioner of Income Tax (Appeals), not the Tr..... .....

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