COMMISSIONER OF INCOME TAX Vs. NAMAN ASSOCIATES

JUDGEMENT

(1.) The following questions of law are admitted as substantial question of law for consideration of this Court by order dated 17th April 2007, which reads thus :-

(2.) The short facts of the case are as under:-

(3.) Mr. M. R. Bhatt, learned senior advocate appearing for the appellant revenue submitted that the Assessing Officer and the CIT(A) have given cogent reasons, which were not considered by the Tribunal. According to Mr. Bhatt, the Tribunal has passed the impugned order in a very perfunctory manner without discussing in detail the submissions made on behalf of the revenue by accepting what is submitted on behalf of the respondent assessee in holding that the assessee having duly incorporated all the transactions in the shares in the capital account and offered capital gain thereof it cannot be held to be undisclosed transactions and resulting losses as contrived losses that too in the block assessment proceedings.