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M/s CLASSIC GROWERS LTD Versus COMMISSIONER OF INCOME TAX, KOLKATA-III, KOLKATA

2013 (2) TMI 825 - CALCUTTA HIGH COURT

ITA No. 129 of 2012 - Dated:- 28-2-2013 - THE HON'BLE JUSTICE GIRISH CHANDRA GUPTA AND THE HON'BLE JUSTICE TARUN KUMAR DAS Mr.S.K.Kapur, Sr.Adv. Mr.J.P.Khaitan, Adv. Mr.S.Dasgupta, Adv. Mr.A.Mukherjee, Adv. Ms. Smita Das Dey, Adv. ORDER The subject matter of challenge in this appeal is a judgment and order dated 26th September, 2012 passed by the Income Tax Appellate Tribunal by which the order passed by the CIT (Appeal) was set aside and the order passed by the Assessing Officer was res .....

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rom the above details, it is found that the assessee had advanced a substantial amount as loan and interests are generating automatically from those loan debtors. To set off those interests income, the assesse is indulging in such activities of generating loss from share trading year after year to reduce its tax liability. It is to be noted here that in all the 4 (four) assessment years mentioned above, the assessee had consistently incurring substantial losses in share trading. There were no pr .....

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hing 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 for generating loss artificially. There was, as such, no reason to suppose that the loss was suffered in order to set off the income of interest. It may be true that the income made by the assessee was eaten up by the losses he .....

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we examined the facts and circumstances of the case, we find that the CIT (A) has arrived at his findings on the basis of the explanations offered by the assessee but at the same time without applying his mind to the gravity of the situation explained by the assessing authority in his order. It was not thecase of the Assessing Officer that the assessee had not maintained formal documents to support the transactions of purchase and sale of shares in respect of the four companies. The Assessing Of .....

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