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TMI Blog2008 (2) TMI 579X X X X Extracts X X X X X X X X Extracts X X X X ..... s and Sri S. Parthasarathi, learned counsel for the respondent. 2. The Revenue is before us by filing this appeal under section 260A of the Income-tax Act, 1961 (hereinafter shall be referred to in short as "the Act") against the order dated April 8, 2004, passed by the Income-tax Appellate Tribunal, Bangalore Bench "A", in I. T. A. No. 126/Bang/1997 for the assessment year is 1991-92. 3. The ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at Rs. 11,89,208 before adjusting the brought forward loss of the earlier years. In computing the abovesaid total income, the Assessing Officer has disallowed share loss in respect of M/s. MIC Auto Ancillaries limited amounting to Rs. 29,56,870. 7. The assessee with an intention to promote M/s. MIC Auto Ancillaries Limited had purchased shares of the said company for a sum of Rs. 45,52,870. After ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax Appellate Tribunal, Cochin Bench vide its order dated December 19, 1992. 9. The Commissioner of Income-tax (Appeals) and the Tribunal both have held in favour of the assessee that investment in shares of such company should be treated as in the course of business and not as capital investment. From the main object of the company it was clear that it is also carrying on the business of investm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... action and whether in fact it has resulted in profit or loss to the assessee. 10. At least this fact could not be disputed by the learned counsel for the Revenue that the assessee had purchased the shares of M/s. MIC Auto Ancillaries Limited by investing a sum of Rs. 45,52,870. But while selling such shares it could only fetch a price of Rs. 15,96,000, thereby it was put to a net loss of Rs. 29,5 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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