TaxTMI 
TaxTMI 
2024 (9) TMI 1337
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....ated 03.11.2016 passed by the Income Tax Appellate Tribunal, 'B' Bench, Bengaluru (for short, 'Appellate Authority') in ITA.No.792/Bang/2013 for the assessment year 2009-10. 2. Heard the learned counsel Sri. E.I. Sanmathi for appellants/Revenue and learned counsel Sri. Narendrakumar J. Jain for respondent/assessee. Perused the appeal papers. 3. Learned counsel appearing for both the parties would submit that though the Revenue had filed the above appeal raising five substantial questions of law, only substantial question of law No.1 raised herein would survive for consideration, since other substantial questions of law are decided in ITA.No.297/2017 dated 13.03.2023 between the same parties. 4. The substantial question of law which remai....
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....ng deduction and allowed the appeal in respect of other disallowances. Aggrieved by the order of Commissioner of Income Tax (Appeals), assessee as well as Revenue preferred the appeals before the Appellate Tribunal. It is pertinent to note here itself that the assessee preferred appeal among others against disallowance of Rs. 11,27,00,000/- contending that it is business loss and the Revenue preferred appeal in respect of allowing other disallowance made by the Assessing Authority. The Appellate Tribunal allowed the appeal of the assessee holding that loss in question is a business loss and not a capital loss and dismissed the appeal of Revenue. 6. Learned counsel appearing for the appellant Sri. Sanmathi.E.I., submits that as held by the ....
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....enue has not made out any ground or placed on record any material to establish that it is a colorable device and to establish that it is not a genuine loss. Further, learned counsel would submit that the Revenue has not preferred any appeal against the finding of the Tribunal and in not considering the contention of colorable device or not a genuine loss before the Tribunal. Thus, learned counsel would pray for dismissal of the appeal. 8. Having heard the learned counsel appearing for the parties and on perusal of the entire appeal papers, the only point which falls for our consideration is as to, "Whether the impugned order of the Tribunal requires interference at the hands of this Court?" 9. It is settled position of law that under S....