9911796707
TMI Blog1998 (2) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... ansaction in respect of cash credit in the name of Smt. Kausalya Devi Gupta have been proved by the assessee is based on any relevant material or perverse?" 2. The assessee is Korley Trading Co. Ltd. and the assessment year involved is 1984-85. The assessee claimed loss of Rs. 1,50,520 on the purchase and sale of 4,000 shares of D.C. Mills. Both the purchase and sale were made through a broker, Dayco. The broker was summoned to produce its books of account. The broker wanted time and ultimately it failed to submit the account books. When the books of account were not produced, the claim of loss was not allowed on the ground that the assessee failed to prove that it suffered loss in share transactions. 3. In appeal, the view taken by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot be said that such a conclusion was unreasonable or perverse or based on no evidence. In the case in hand, the assessee has given the name of the company, who issued the concerned shares, number of shares purchased, when purchased, for how much amount the same was purchased, when it was sold, for how much amount it was sold and through whom it was sold. Even the broker appeared before the ITO and prayed for time to produce his proper books. It is not the case of the Revenue that the assessee has not maintained the books. The case of the Revenue is that as the broker did not maintain the books and has failed to produce the books, the transaction is not genuine. 5. We are unable to accept this proposition put forward by counsel for the Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income from undisclosed sources. The view taken by the ITO was upheld by the CIT(A). In the second appeal before the Tribunal, the Tribunal has allowed the claim of the assessee on the ground that initially no confirmation was filed before the ITO but, subsequently, at the appellate stage, the income-tax file number was given. Khaitan, learned counsel appearing for the assessee, submits that even confirmation by the creditors has been filed before the CIT(A). On a perusal of the orders of the ITO, the CIT(A) and the Tribunal, there is no reference to confirmation. In the Tribunal's order there is only reference to the income-tax file number but it is not known when it was given and mere filing of the income-tax file number of the creditors ..... X X X X Extracts X X X X X X X X Extracts X X X X
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