CIT Vs. ASHISH GUPTA

JUDGEMENT

(1.) THE present appeal has been filed under Section 260A of the Income -tax Act, 1961 against the order dated 9th August, 2012 passed by the Income Tax Appellate Tribunal, Delhi Bench A, New Delhi in ITA No. 225/Del/2012 for the Assessment Year 2002 -03. The Assessing Officer rejected the claim of the assessee -respondent of loss of income on account of sale of shares of companies. The said finding has been set aside in appeal by CIT(A) and the order of CIT(A) has been confirmed by the Tribunal by the order impugned in the present appeal. The two authorities below have found that the transaction of the sale and purchase of the shares was through cheques and transfer of share was properly supported by the transfer deed and complete formalities were done by the company concerned in respect of transfer of shares. Only because in the said transaction the assessee has suffered loss, it cannot be said that the transaction was sham. The Assessing Officer should have examined the matter in deep and should have collected some evidence to reach to the conclusion that the transaction is sham. No material has been referred to by the Assessing Officer in disbelieving the assessee. The findings recorded by the Tribunal are essentially the findings of fact. No substantial question of law is involved in the appeal. The appeal is dismissed summarily.