2002 PTD 1241

Case Laws / Head Notes / Paras

Loss on account of dealing in shares/Identity of purchaser and seller not disputed/Failure to produce broker through whom shares were sold does not affect genuineness of transactions/Loss on account of share transactions/Deductible/Indian Income Tax Act, 1961. The assessee, an investment company, claimed loss on account of share transactions. The assessee purchased and sold the shares but since the assessee could not produce the broker through whom the sales were made, with the books of account, the Income-tax Officer treated the share transactions as bogus and not genuine and disallowed the loss. The Tribunal found that the loss on account of share transactions was genuine. On a reference: Held. that the question whether the assessee account of share transactions was basically an issue ...