TMI Blog1992 (6) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... ., 1989 under s. 143(3) of the IT Act, 1961, the ITO disallowed a sum of Rs. 70,000 claimed by the assessee as short-term capital loss on the sale of 10,000 shares of M/s Revlon Commercial Co. Ltd. The reasons for disallowing this loss are given by the ITO in Annexure A to the assessment order. The CIT(A), to whom the assessee appealed, disagreed with the ITO and held that the assessee was entitled to this loss. Accordingly, he directed the ITO to allow this loss of Rs. 70,000. This is being objected to by the Revenue in the present appeal. 3. I have heard Shri Mukhopadhyay, the learned Departmental Representative and Shri Amitav Kothari, the learned chartered accountant and carefully considered their submissions in the light of the mate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... but that the same was not complied with. The learned Departmental Representative submitted that this fact was overlooked by the CIT(A) while deciding the appeal. He, therefore, pressed for the acceptance of the Department's appeal. 4. I find myself unable to accept the aforesaid contentions of the learned Departmental Representative for the following reasons. The materials placed on record in the assessee's paper book show that the assessee-company had applied for 10,000 shares of M/s. Ravlon Commercial Co. on 15th Dec., 1983, and had paid a sum of Rs. 1,00,000 by cheque on Tamil Nadu Mercantile Bank Ltd. This is proved by the receipt issued by the company to the assessee, a copy of which is at page 56 of the paper book. Page 57 shows t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onfirmation issued by the share-broker on 24th June, 1985 at page 68 of the paper book clearly confirms the sale transaction. I am unable to agree with the Revenue that there is any tax planning device adopted by the assessee in the present case in order to neutralise its income. There is no material to establish any such device as claimed by the Department. As against the order of the Tribunal relied on by the learned Departmental Representative, the assessee's learned counsel has placed before me four other orders of the Tribunal of the Calcutta Benches taking a contrary view. According to me, each of these inclusions turned on their own facts and the case of the present assessee would also depend upon the entire facts and circumstances e ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
