TaxTMI 
TaxTMI 
1999 (6) TMI 12
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....Income-tax Act, 1961, the Tribunal has referred the following question set out at page 2 of the statement of case for our opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in not confirming the finding of the Commissioner of Income-tax (Appeals) that the share loss claimed by the assessee was not genuine ?" The assessee is an investment comp....
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....he loss claimed by the assessee on account of dealing in shares. In appeal, the Commissioner of Income-tax (Appeals) confirmed the view taken by the Income-tax Officer. In appeal before the Tribunal, the Tribunal found that the loss on account of share transaction as genuine. None appeared for the assessee. Heard learned counsel for the Revenue. Learned counsel for the assessee reiterated the ....
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.... Bank. There is no doubt that almost one year's gap thereafter entering into the contract note, Sri Purohit has explained that there is a procedure to enter into 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 appella....
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....so made by the account payee cheque when the shares were purchased. The identity of the share brokers and the person through whom the shares were purchased and shares were sold is not disputed. Merely because the assessee could not produce a broker through whom the shares were sold or the person to whom the shares were sold, it does not affect the genuineness of shares in case when the assessee ca....