TMI Blog2017 (3) TMI 901X X X X Extracts X X X X X X X X Extracts X X X X ..... on expenses - allowable business expenses - Held that:- There is no material to suggest that the expense claimed by the assessee was non-business or of a personal in nature. Being essentially a finding of fact, the Tribunal having recorded findings on the basis of the material and evidence before it, the same does not suffer from any infirmity. - INCOME TAX APPEAL No. 108 of 2011 - - - Dated:- 10-3-2017 - Hon'ble Bharati Sapru And Hon'ble Saumitra Dayal Singh, JJ. For Appellant : Ashok Kumar,Praveen Kumar For Respondent : Piyush Agrawal,Praveen Kumar Misra ORDER This appeal has been filed by the appellant under Section 260A of the Income Tax Act, 1961 against the order passed by the Income Tax Appellate Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l No.1121/DEL/03. The Tribunal has thus found: ..We find that share of Modi Rubber Ltd. were acquired by the assessee in the F.Y. 1992-93 and in the balance sheet as on 31.3.93, these were shown as investment. In the financial year ended on 31.3.94 also these were shown as investment. The revenue in the assessment made for these financial years i.e. A.Y. 1993-94 and 1994-95 has accepted these shares as the investment of the assessee and were reflected at cost. We find that 1,69,992 shares of MRL were sold for ₹ 1,02,00,587/- which were acquired in AY 1993-94 for ₹ 1,34,26,950. The assessee sold these shares and thereby claimed long term capital loss of ₹ 53,93,943/- under the head capital gains . The AO has held thes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the considered opinion that the revenue authorities were not justified in treating the loss from the sale of shares as the business loss of the assessee. Hence, we reverse the order of the CIT (A) and direct the AO to treat the loss of ₹ 53,93,943/- shown by the assessee as long term capital loss of the assessee. Accordingly, ground of appeal of the assessee is allowed. In respect of the second issue, the Tribunal has again relied on its earlier order for the assessment year 2006-07 and has held that the said expenses were directly connected with the business of the assessee. No material has been brought on record by the revenue in this appeal to contradict any of the conclusion or finding of fact recorded by the Tribunal i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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