2006 (9) TMI 163

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....the court was delivered by MADAN B. LOKUR, J. -1. The Assessee is aggrieved by an order dated 8^th September, 2004 passed by the Income Tax Appellate Tribunal, Delhi Bench 'D' in ITA No.1326/Del/2000 relevant for the assessment year 1996-97. 2. The sole question that has been urged by the Assessee is with regard to disallowance of a loss of Rs.45,50,000/- claimed by it on the sale of its inv....

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....ut they were sold on a credit basis sometime in February, 1996. However, the account of the sister concerns were debited only on 31^st March, 1996 even though, according to the Assessee, delivery of the shares had been given to the sister concerns much earlier. The transfer deeds in respect of the shares were lodged with M/s. Bhagwati Gases Limited only in April, 1996, that is after the end of the....

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....loss even though it may be marginal.  Assuming that there were circumstances which caused the Assessee to sell the shares at a loss, on a credit basis, it is unlikely (in the normal course) that an assessee would wait for a couple of years to receive the sale price. In the present case, only a part of the sale price was received by the Assessee and even after a gap of about two years, it did ....

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.... be one or two facts from which the Assessee may draw support, but if one looks at the overall conspectus and the circumstances of the case, it is not possible to conclude that the inferences drawn by the Assessing Officer and the Tribunal were either unreasonable or not warranted. 8. The Supreme Court has held in M. Janardhana Rao vs. Joint Commissioner of Income Tax, (2005) 273 ITR 50 (while ....