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TMI Blog2001 (3) TMI 67X X X X Extracts X X X X X X X X Extracts X X X X ..... ected the Tribunal to refer the following common questions in the case of both the assessees: "1. Whether, the finding of the Tribunal that the loss incurred by the assessee in share dealings is genuine and accordingly allowing the loss is based on any evidence or based on ignoring the relevant material or relying on irrelevant material and whether such finding is otherwise unreasonable and perve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aimed in the share transaction, the Commissioner of Income-tax (Appeals) has also confirmed the above. In appeal before the Tribunal, the Tribunal has allowed the claim of loss of both the assessees and concluded its judgment in para. 6 of his order which reads as under: "I have examined the assessment orders as well as the order of the Commissioner of Income-tax (Appeals). The loss incurred in s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st similar facts this court has considered the similar issue in the case of CIT v. Carbon Industrial Holdings Ltd. [2000] 244 ITR 422 and answered the question in favour of the assessee. The admitted facts in this case are that the details of purchase and sale of shares are furnished. The payment and receipt are by account payee cheque. The identity of seller and purchaser is not in dispute. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he finding of the Income-tax Officer and the Commissioner of Income-tax (Appeals) are based on presumption, we answer in the negative, i.e., in favour of the assessee and against the Revenue.
The reference application for both the assessees thus stands disposed of accordingly.
All parties are to act on a signed xerox copy of this dictated order on usual undertaking.
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