TMI Blog2013 (2) TMI 825X X X X Extracts X X X X X X X X Extracts X X X X ..... hing at an under value. Therefore, it cannot be said by any stretch of imagination that any loss was generated. Loss might have been suffered. If the loss was suffered, then appropriate deduction has to be made and there is no reason why the Assessing Officer should have refused to do so. Tribunal restored the order of the Assessing Officer and set aside the order passed by the CIT (Appeal) without application of mind. Tribunal ignored the fact that the transaction was carried out at the prevailing price. Therefore, the question of generating loss could not have arisen. The suspicion entertained by the Assessing Officer was misplaced or in any event not substantiated. - ITA No. 129 of 2012 - - - Dated:- 28-2-2013 - THE HON'BLE JUSTI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s in any of the 4 consecutive assessment years mentioned as above. Now, the principal motive of a business is earning of profit. Had the assessee could not generate profit from the activities of share trading, it could have stopped its business of share trading. But, it is continued with incurring loss on share trading year after year, the motive behind the same is not difficult to grasp. All the above facts indicating the loss allegedly incurred by the assessee is nothing but a manufactured and artificial loss. The aforesaid conclusion arrived at by the Assessing Officer is altogether without any merit because he ignored the fact that the transactions were effected at the prevailing price. Therefore, there was no question or no scope f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble amount of loss out of pre-arranged transactions so as to reduce the quantum of income liable for tax. The opinion that the assessee generated a sizeable amount of loss out of pre-arranged transactions so as to reduce the quantum of income liable for tax might have been the view expressed by the Assessing Officer, but he miserably failed to substantiate that. We are sorry to say that the learned Tribunal fell into the same error. One can generate a loss inter alia by suppressing his income or by selling his goods at an under value. It is nobody s case that the assessee either suppressed any income or sold anything at an under value. Therefore, it cannot be said by any stretch of imagination that any loss was generated. Loss might hav ..... X X X X Extracts X X X X X X X X Extracts X X X X
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