https://www.taxtmi.com/caselaws?id=16144 Deductibility of alleged rent was upheld because rent payment was undisputed and, on concurrent findings of the CIT(A) and Tribunal, the premises were taken for business purposes; absence of cross-examination of a caretaker and speculation about the nature of occupation could not displace those findings. Accordingly, the rent expenditure was allowable and the Tribunal's finding was not perverse. Disallowance of share-trading loss was rejected since transactions were executed through a registered stock-broker and stock exchange quotations corroborated the trades; the loss could not be denied on conjecture about local practices or on immaterial discrepancies in quantity. Consequently, the Tribunal's acceptance of the share loss was held to be based on record and not perverse, and the appeal was decided in favour of the assessee and against the revenue. en-us Thu, 26 Mar 1998 00:00:00 +0530 Wed, 31 Dec 2025 17:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16144 Deductibility of alleged rent was upheld because rent payment was undisputed and, on concurrent findings of the CIT(A) and Tribunal, the premises were taken for business purposes; absence of cross-examination of a caretaker and speculation about the nature of occupation could not displace those findings. Accordingly, the rent expenditure was allowable and the Tribunal's finding was not perverse. Disallowance of share-trading loss was rejected since transactions were executed through a registered stock-broker and stock exchange quotations corroborated the trades; the loss could not be denied on conjecture about local practices or on immaterial discrepancies in quantity. Consequently, the Tribunal's acceptance of the share loss was held to be based on record and not perverse, and the appeal was decided in favour of the assessee and against the revenue. Case-Laws Income Tax Thu, 26 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16144