Principal Commissioner Of Income Tax - 5 v. Kamlesh Jayantilal Jhaveri

IN THE HIGH COURT OF GUJARAT AT AHMEDABADR/TAX APPEAL NO. 464 of 2018 ==========================================================PRINCIPAL COMMISSIONER OF INCOME TAX - 5VersusKAMLESH JAYANTILAL JHAVERI ========================================================== Appearance:MRS MAUNA M BHATT(174) for the PETITIONER(s) No. 1 for the RESPONDENT(s) No. 1 ========================================================== CORAM: HONOURABLE MR.JUSTICE AKIL KURESHIandHONOURABLE MR.JUSTICE B.N. KARIA Date : 05/05/2018ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1.The Revenue is in appeal against the judgment of the Tribunal dated 25.01.2017 raising the following substantial question of law for our consideration; Whether on the facts and in the circumstances of the case, the assessee was entitled to loss of Rs.77,95,670/-, which was found self generated and also was not incidental to the business of the assessee ? 2.The Tribunal, while deleting the addition of a sum of Rs.77.95 Lakhs (rounded off) made by the Assessing Officer holding that the assessee had projected a contrived loss, observed that all the transactions had taken place through banking channels, confirmations were received from the transacting parties and their statements were also recorded. These entities were also maintainingtheirregularbooks.More importantly, the Tribunal recorded that while analyzing the transactions, the Assessing Officer took into account only few transactions where the assessee had suffered loss, ignoring those where the assessee had gained. 3.The entire issue is factual in nature. No question of law arises. The Tax Appeal is dismissed. (AKIL KURESHI, J) PRAVIN KARUNAN (B.N. KARIA, J)