TMI Blog1999 (6) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing question set out at page 2 of the statement of case for our opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in not confirming the finding of the Commissioner of Income-tax (Appeals) that the share loss claimed by the assessee was not genuine ?" The assessee is an investment company. It claimed loss amounting to Rs. 48,390 incurre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g in shares. In appeal, the Commissioner of Income-tax (Appeals) confirmed the view taken by the Income-tax Officer. In appeal before the Tribunal, the Tribunal found that the loss on account of share transaction as genuine. None appeared for the assessee. Heard learned counsel for the Revenue. Learned counsel for the assessee reiterated the argument before the Tribunal which was advanced ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gap thereafter entering into the contract note, Sri Purohit has explained that there is a procedure to enter into a contract note and to purchase the shares. If once that is done it is immaterial when the delivery of shares has taken place. The appellant-company waited to find out whether it could get better price by selling them. As such the appellant-company was losing its hope of getting its p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hares were purchased. The identity of the share brokers and the person through whom the shares were purchased and shares were sold is not disputed. Merely because the assessee could not produce a broker through whom the shares were sold or the person to whom the shares were sold, it does not affect the genuineness of shares in case when the assessee came with a fact and disclosed the identity of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n to disallow the loss only on the ground that delivery of shares has been taken on the same date, when the shares are delivered to purchaser. Whether the assessee suffered loss on account of the share transactions in question is basically an issue based on finding of fact and on the given facts, it cannot be said that the finding of the Tribunal is perverse. Even when two opinions are possible ..... X X X X Extracts X X X X X X X X Extracts X X X X
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