2007 (6) TMI 540

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..... In this case the relevant Assessment Year is 1992-1993. An Assessment order was passed by the Assessing officer holding that the losses incurred by the Assessee on the sale of debentures and equity shares cannot be allowed as they were contrived losses. 2. The said order was confirmed by the Commissioner of Income Tax (Appeals) in an Appeal. The Income Tax Appellate Tribunal had passed an ord....

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....ether on the facts and in the circumstances of the case, the Tribunal was right in law in directing the Assessing Officer to reconsider the Assessee's claim for the loss of Rs. 5,46,000/- due to the sale of equity shares of M/s. Reliance Industries Ltd. on the lines specified in its order? 5. The second question of law does not arise as on remand by the Income Tax Appellate Tribunal, the Assess....