TMI Blog2008 (10) TMI 8X X X X Extracts X X X X X X X X Extracts X X X X ..... for the appellant. Prakash Kumar, Advocate for the respondent. JUDGMENT The respondent-company is dealing in sale and transfer of shares. In the assessment year 1986-87, the Assessing Officer permitted the conversion of certain shares from investment to stock-in-trade. In the Assessment Year 1987-88 (Assessment Year in question), the respondent-company booked certain business loss. The Assessing Officer, however, came to the conclusion that the loss could not be treated as a business loss and this Order was upheld by the CIT(A) as also by the Tribunal. 2. The Tribunal in its Order dated 31.10.2001 in the quantum proceedings came to the conclusion that merely because the Assessing Officer in the Assessment Year 1986-87 had per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. The sub stratum of the plea of the learned counsel for the appellant/Department is that a substantial question arises in the present appeal on account of the fact that the two aforesaid Orders of the Tribunal have come to completely different conclusions on the same set of facts. 6. We are unable to accept the plea of the learned counsel for the appellant/Department for the reason that we are unable to derive the aforesaid conclusion on a reading of the two Orders. The Order in the quantum proceedings of the Tribunal shows that the only conclusion reached is that the transfer of shares could not be booked as a business loss as this was not necessitated by any business necessity but on account of a decision of the group as a whole ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such person fails to offer an explanation; or (b) offers an explanation which is found to be false or (c) such person offers an explanation which he is not able to substantiate and fails to prove that such explanation is bona fide and that all the facts relating to the same have been disclosed by him. In the present case, it is seen that the assessee has offered an explanation. The same is substantiated also. The explanation offered by the assessee is not found to be false by the Assessing Officer. When the explanation was offered, the assessee filed all the relevant details of the transaction in sale of shares and debentures and when the claim was made, the same was bona fide as all the facts relating to such loss and material to the com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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