9911796707
TMI Blog2024 (9) TMI 1337X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 03.11.2016 passed by the Income Tax Appellate Tribunal, 'B' Bench, Bengaluru (for short, 'Appellate Authority') in ITA.No.792/Bang/2013 for the assessment year 2009-10. 2. Heard the learned counsel Sri. E.I. Sanmathi for appellants/Revenue and learned counsel Sri. Narendrakumar J. Jain for respondent/assessee. Perused the appeal papers. 3. Learned counsel appearing for both the parties would submit that though the Revenue had filed the above appeal raising five substantial questions of law, only substantial question of law No.1 raised herein would survive for consideration, since other substantial questions of law are decided in ITA.No.297/2017 dated 13.03.2023 between the same parties. 4. The substantial question of law which rema ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing deduction and allowed the appeal in respect of other disallowances. Aggrieved by the order of Commissioner of Income Tax (Appeals), assessee as well as Revenue preferred the appeals before the Appellate Tribunal. It is pertinent to note here itself that the assessee preferred appeal among others against disallowance of Rs. 11,27,00,000/- contending that it is business loss and the Revenue preferred appeal in respect of allowing other disallowance made by the Assessing Authority. The Appellate Tribunal allowed the appeal of the assessee holding that loss in question is a business loss and not a capital loss and dismissed the appeal of Revenue. 6. Learned counsel appearing for the appellant Sri. Sanmathi.E.I., submits that as held by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... venue has not made out any ground or placed on record any material to establish that it is a colorable device and to establish that it is not a genuine loss. Further, learned counsel would submit that the Revenue has not preferred any appeal against the finding of the Tribunal and in not considering the contention of colorable device or not a genuine loss before the Tribunal. Thus, learned counsel would pray for dismissal of the appeal. 8. Having heard the learned counsel appearing for the parties and on perusal of the entire appeal papers, the only point which falls for our consideration is as to, "Whether the impugned order of the Tribunal requires interference at the hands of this Court?" 9. It is settled position of law that under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is indicated in the order of CIT (A) to say that it is capital loss particularly when the loss itself is being accepted by the CIT (A) and the Revenue is not in appeal against this decision of CIT (A) that the loss in question is a fact. 8. The only objection of the Id. CIT (A) is that it is not a business loss but capital loss and the reasoning of the CIT (A) is this that the assessee has not acquired the shares under normal business transaction so that the same can be taken as stock-in-trade We find no merit in this objection of CIT (A) in view of this fact that shares were acquired by the assessee as per Board Resolution dated 3.9.2007, as per which, the shares in these two companies are to be acquired as stock-in-trade. Hence, on thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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