1999 (10) TMI 60

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....lication before the Income-tax Appellate Tribunal under section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), inter alia, requesting the Tribunal to make a reference to this court on the following question of law : "Whether the Appellate Tribunal is right in law and on facts in setting aside the order passed by the Commissioner of Income-tax under section 263 of the....

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.... The assessee requested to drop the proceedings under section 263 of the said Act. However, the Commissioner of Income-tax was of the view that in order to allow deduction of a business loss, there should have been a computation under the head "Business". In the case of the assessee, there was no such computation of income or loss under the head "Business" as observed by the Commissioner. It is fu....

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....s loss, in the past. On behalf of the assessee it was contended that there was such computation of profit and loss under the head "Business" and that merely because the assessee did not earn any income on "business" during the year, the Revenue cannot prevent the assessee from claiming the loss. The Tribunal on perusal of the record observed that the assessee was dealing in shares since 1978....

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....ioned either in the order of the Commissioner of Income-tax or in the order of the Tribunal and therefore, he was required to say that the order is perverse. The assessee has placed before us the copy of the statement in detail produced before the Assessing Officer. It is clear that the Tribunal perused the record and after considering the same, passed the impugned order. It is not necessary th....