Commissioner Of Income Tax-9 v. M/S.a.n.corporation Ltd

1 Commissioner of income Tax-9....Appellant vs. M/s.A.N.Corporation Ltd....Respondent. --- Mr.Deepak Traishawala with V.B.Hadade, forRespondent. CORAM: D.K.DESHMUKH & J.P.DEVADHAR, JJ. DATED: 25[th] July, 2008. P.C.:- 1.Heard the learned Counsel appearing forappellant. There is a finding of fact recorded bythe Tribunal that the compensation was required to bepaid by the Assessee only in that assessment year.There is also a finding recorded that in order tomake payment of compensation, the assessee had tosell the flats. The submission before the tribunalwas only that the payment of compensation relates to the assessment year 1995-96 and not to 1996-97. Thetribunal has recorded the finding that whether thetransaction is taken into consideration during theassessment year 1995-96 or 1996-97, there is no lossof revenue. The correctness of this finding was notchallenged before this Court. 2.So far as the other question is concerned,perusal of the order of the tribunal shows that thetribunal after referring the memorandum ofassociation of the Assessee company and theirbalance-sheet, has held that the investment in theshares is one of the main business of the assesseeand therefore, the loss suffered by them cannot betermed as the loss suffered on speculation. Noquestion of law arises. Hence, the appeal isrejected. (D.K.DESHMUKH, J.) --- (J.P.DEVADHAR, J.)