TMI Blog2010 (6) TMI 405X X X X Extracts X X X X X X X X Extracts X X X X ..... – different view not to be taken for subsequent year – no substantial question of law – Appeal dismissed - - - - - Dated:- 16-6-2010 - CHANDRACHUD D. Y. DR., DEVADHAR J. P., JJ JUDGMENT The Revenue, in its appeal under section 260A of the Income-tax Act, 1961, has raised the following substantial questions of law :"(a) Whether on the facts and in the circumstances of the case and in l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3). In the course of the assessment proceedings for the assessment year 2002-03, a notice was issued to the assessee under section 142(1) on November 7, 2003 in which the assessee was called upon to clarify as to why the loss on the sale of shares had been debited to the profit and loss account as a business expense. The assessee submitted a representation onDecember 16, 2003in support of his cont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied onSeptember 18, 1999. Assessments were thereafter completed for the assessment years 1997-98 and 2002-03 and the contention of the assessee was duly accepted. 4. It is in this factual background that the Tribunal, while deciding the appeal for the assessment year 2003-04 has observed that there was no change in the set of facts and circumstances as they obtained for the assessment years 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see on the same facts, a change in view, was evidently not warranted for the assessment year in question. So construed, we do not find that the decision of the Tribunal will give rise to any substantial question of law. The view which we have taken is consistent with the principle laid down by the Division Bench of this court in Karsondas Ranchhoddas v. CIT [1972] 83 ITR 256. The appeal is hence d ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
