1999 (6) TMI 12

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....claimed by the assessee was not genuine ?" The assessee is an investment company. It claimed loss amounting to Rs. 48,390 incurred in the course of dealing in shares during the accounting period. The assessee purchased 3,000 shares of Gwalior Rayon Silk Mfg. Ltd. on November 16, 1981, as per contract note filed from the broker, Ram Narayan Kayan and Co. The sales of those shares were made through D. B. and Co. and the shares were sold on October 22, 1982, as per contract notes filed. The shares were delivered on November 9, 1982. The assessee-company produced the broker Ram Narayan Kayan with its books of account before the Income-tax Officer for examination. But the assessee-company could not produce the broker D. B. and Co. with books ....

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....o a contract note and to purchase the shares. If once that is done it is immaterial when the delivery of shares has taken place. The appellant-company waited to find out whether it could get better price by selling them. As such the appellant-company was losing its hope of getting its proper price and therefore, considered it to sell them in November, 1982. Therefore, we do not find any inconsistency or falsehood in the explanation submitted on behalf of the appellant-company." The learned Tribunal has concluded that in view of the facts of this case, the assessee has made out a case of a genuine loss in share transactions. Whether the shares were sold or not and for how much the shares were purchased and for how much the shares were sol....