TMI Blog2001 (3) TMI 67X X X X Extracts X X X X X X X X Extracts X X X X ..... g 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 perverse? 2. Whether, on the facts and in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ommissioner 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 share dealings is disallowed by the I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sidered 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 disallowance is basically made on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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