BIPINCHANDRA K. BHATIA Vs. DY. C.I.T.

JUDGEMENT

(1.) BY way of this Tax Appeal, the appellant has challenged the judgment and order dated 29.01.2004 passed by the Income Tax Appellate Tribunal, Rajkot Bench, Rajkot whereby the Tribunal has dismissed the Appeal.

(2.) WHILE admitting the matter on 21.12.2004, this Court had framed the following issue: - -

(3.) LEARNED Counsel for the appellant contended that in view of the decision of the Hon'ble Apex Court in the case of Dr. T.A. Quereshi v. Commissioner of Income -tax, Bhopal reported in : 287 Income Tax Reports 547, the loss which was incurred during the course of business even if the same is illegal is required to be compensated and for the loss suffered by the appellant, the Court is required to answer this Tax Appeal in favour of the assessee.