TMI Blog2019 (11) TMI 102X X X X Extracts X X X X X X X X Extracts X X X X ..... :- We note that the impugned order of the Tribunal on finding of fact has come to the conclusion that the transaction for claiming short term loss was genuine. Nothing has been shown to us which would indicate the above finding of fact by the Tribunal is perverse. Therefore, the question as proposed being one of finding of fact, does not give rise to any substantial question of law. - Decided a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment year, the respondent had claimed long term capital loss of ₹ 3.61 crores on sale of preference shares. These shares had been allotted by Welspun Mercantile Pvt. Ltd. (245360 shares) and Welspun Trading Pvt. Ltd. (134240 shares) to the respondent for appropriate consideration. During the assessment proceedings, the respondent also filed share certificates along with allotment letter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en received from the two companies M/s. Welspun Mercantile Ltd. and Welspun Trading Pvt. Ltd. the transaction was not genuine. Therefore, the loss ought to be ignored as it is a sham transaction. 4. In appeal, the Commissioner of Income Tax (Appeal) [CIT(A)] dismissed the respondent s appeal. 5. On further appeal, the Tribunal on facts found that purchase of the preference shares ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disregarding the documents already on record, which establish genuineness of the transaction. Moreover, on facts the Tribunal found that the loss which has arisen on the sale of the shares was due to indexed cost of acquisition and has been claimed as a set off against any profits. Thus, there could be no motive for a sham and / or bogus transaction as held by the Assessing Officer. On th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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