A.K.Sengupta, J. - (1.) At the instance of the Commissioner, West Bengal-IX, Calcutta, the following question of law has been referred to this court under Section 256(2) of the Income-tax Act, 1961 ("the Act"), for the assessment year 1972-73 : "Whether, on the facts and in the circumstances of the case, the Tribunal had relied on irrelevant or partly irrelevant materials in holding that the assessee had during the relevant year entered into genuine speculative transactions and suffered a loss amounting to Rs. 1,25,515 in such transactions and/or whether such findings were unreasonable or perverse ?"
(2.) The facts briefly stated are that the Income-tax Officer, while completing the assessment of the assessee for the assessment year 1972-73, rejected the claim of the assessee for loss of Rs. 1,25,515 in share speculation transaction.
(3.) The matter went before the Tribunal. The findings given by the Appellate Assistant Commissioner were assailed by counsel for the assessee. The Tribunal, after hearing the parties, set aside the findings of the Appellate Assistant Commissioner and held that the claim of speculation loss of Rs. 1,25,515 should have been allowed.;