TMI Blog1998 (3) TMI 76X X X X Extracts X X X X X X X X Extracts X X X X ..... 49,210 in the purchase and sale of shares ?" 2. The assessee is an investment company. It derives income from interest and dividend. It is also engaged in inter alia, claimed deduction of Rs. 36,000 purchase and sale of shares. Before the assessing officer, the assessee, being rent in respect of the premises at Flat No. 84, at 6C, Middleton Street, Calcutta. The payment was made to one Nitin Dawan, who is stated to be one of the directors of the assessee-company upto 16-2-1981. Thereafter he became an employee of the assessee-company. The company has hired the premises on rent from 1-6-1981 in terms of a registered agreement to the effect that the assessee had given an advance of Rs, 1,08,000 to the said Dhawan and that amount was to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of rent by the assessee has not been denied. Whether any business is being carried on by the assessee-company or it was taken for the purpose of residence of one of its employees or directors, that is immaterial. In both the cases the premises has been taken on rent, that is, for the purpose of business. The Tribunal finally concurred with the facts found by the Commissioner (Appeals). Thus, whether the premises was taken on rent for the purpose of business or not, the concurrent finding is that it was taken for the purpose of business. Therefore, the questions being raised on the findings of fact, such findings cannot be said to be perverse on the materials discussed by the Commissioner (Appeals) and the Tribunal. 6. The next question ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oker of the stock exchange, the quotations of shares were found correct as per the record of the stock exchange. Whether the assessee sold 7000 or 70000 shares does not make any difference. It is the assessee's concern how to run the business. The claim to loss should not be disallowed on conjectures and surmises, such as, that there is a practice in Calcutta to claim bogus loss in share dealings. The Tribunal being the final fact-finding body has found the fact on the basis of the materials on record that the assessee has suffered the loss in share-dealings to the tune of Rs. 49,210. These findings cannot be said to be perverse on the basis of the materials considered and discussed in order of the Tribunal. 10. In the result, so far as ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
