2015 (8) TMI 272

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.... JUDGMENT Antony Dominic, J. These appeals filed by the Revenue are pertaining to the assessment years 2000-2001 to 2004-2005. The Respondent, a scheduled Bank, made investments in shares in certain private companies and on the basis that the companies were defunct and that the market value of the shares was nil, the assessee claimed deduction under Sec.36(1)(vii). That was disallowed by th....

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....fording opportunity to the assessee to adduce evidence. Accordingly, the Assessing Officer issued notice and after hearing the assessee, passed Annexure-A order, again disallowing the deduction claimed by the assessee. The main reason stated in the assessment order is that despite seeking clarifications, the assessee did not offer satisfactory clarification nor did the assessee produce any evidenc....

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....cases to the Assessing Authority with a direction to allow notional loss claimed by the assessee, on revaluation of the shares as deduction while computing the total income. It is aggrieved by these orders, the Revenue has filed these appeals, framing the following questions of law: "1. Whether on the facts and in the circumstances of the case and in the light of the findings of the CIT (....

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....f proof being provided by the assessee in support of the claim (a) the Tribunal is right in law in interfering with the assessment disallowance? (b) is not the order of the Tribunal perverse and invalid?". 4. We heard the learned Standing Counsel for the appellant and the learned counsel appearing for the Respondent. 5. Although as rightly contended by the learned Standing ....