TMI Blog2003 (6) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... or there is any material placed on record to indicate that the share transactions have been entered in to between the same parties adopting the same modus operandi for a reasonable span of period – Held that share transactions were genuine and the assessee-companies are entitled to claim benefit under those transactions for the loss suffered - - - - - Dated:- 18-6-2003 - Judge(s) : P. P. NAOLEKAR., RANJAN GOGOI. JUDGMENT The judgment of the court was delivered by P. P. NAOLEKAR C. J.-All these seven appeals raise the following common questions of law, which have been framed by this court: "(i) For that the impugned order of the Tribunal dated September 28, 2001, in so far as the present issue is concerned is bad in law and is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ner of Income-tax (Appeals), the Revenue preferred appeals before the Income-tax Appellate Tribunal at Guwahati. The orders of the Commissioner of Income-tax (Appeals) have been upheld by the Appellate Tribunal for the reasons, which are reproduced below: "We have considered the rival submissions made before us. It is admitted that the respondent-company is an investment company and the primary source of its income is from interest. From the paper book pages Nos. 11, 12, 13, 33 and 34 submitted by the respondent-company, we find that the respondent-company had entered into a number of share transactions of similar type. When the Assessing Officer picked up only two transactions and accepted the other transactions is not clear from the ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed at lower value and, therefore, it cannot be said that the transactions are genuine and can be a device by which the asses sees avoided the payment of tax. It appears from the record, as mentioned by the Tribunal in its judgment that the assessee-companies have entered into various transactions of share transfer but the Assessing Officer has picked up only two transactions and has not considered other transactions before arriving at the finding that the two transactions were not genuine. The Assessing Officer has not referred to other transactions entered into by the assessee-companies in transferring the shares. When the assessee-companies have entered into share transactions of various companies there is no justification for picking up ..... X X X X Extracts X X X X X X X X Extracts X X X X
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