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2013 (4) TMI 115 - GUJARAT HIGH COURTSpeculative transaction - nature of transaction - purchase of shares - genuine transaction or fictitious transactions - set-off of that speculative loss from the speculative profit - Held that:- the Commissioner of Income Tax (Appeals) and the Tribunal, on the basis of materials placed by the assessee, concurrently came to the conclusion that there was speculative profit of Rs.28,90,460=00 and the amount of Rs.10,79,875=00 being the speculative loss having already been found in the earlier litigation to be correct, the assessee was entitled to get benefit of set-off of that speculative loss from the speculative profit. The aforesaid findings cannot be said to be one based on 'No evidence' nor can it be said that the same was perverse finding of fact justifying interference within the narrow scope of Section 260A of the Act - Appeal of the revenue is dismissed.
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