Y.R.Meena, J. - (1.) By this reference application, the following questions are referred for our opinion : "1. Whether the finding of the Tribunal that the transactions relating to the assessee's share loss of Rs. 1,50,520 were proved and whether such finding is based on any relevant material or perverse ? 2. Whether, on the facts and in the circumstances of the case, the finding of the Tribunal that the identity of the person, her creditworthiness and genuineness of the transaction in respect of cash credit in the name of Smt. Kausalya Devi Gupta have been proved by the assessee is based on any relevant material or perverse ?"
(2.) The assessee is Korley Trading Co. Ltd. and the assessment year involved is 1984-85. The assessee claimed loss of Rs. 1,50,520 on the purchase and sale of 4,000 shares of D. C. Mills. Both the purchase and sale were made through a broker, Dayco. The broker was summoned to produce its books of account. The broker wanted time and ultimately it failed to submit the account books. When the books of account were not produced, the claim of loss was not allowed on the ground that the assessee failed to prove that it suffered loss in share transactions.
(3.) In appeal, the view taken by the Income-tax Officer was confirmed by the Commissioner of Income-tax (Appeals). In the second appeal before the Tribunal, same facts were put forth before the Tribunal. Even the specific amount of sale price and purchase price was also brought on record. The assessee has furnished the name of the company, number of shares purchased, date of sale, amount of purchase money amount of sale money, etc. Thus the assessee has discharged its initial burden. If the broker does not maintain the accounts, the transactions could not be doubted for no fault of the assessee. Considering these facts the claim of the assessee was allowed by the Tribunal.;