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Section 28(i) of the Income-tax Act, 1961 - Business loss/deduction - Allowable as - Assessment year 1989-90 - In absence of any evidence to show that assessee received any amount over and above sale price for sale of shares, loss on sale of shares was allowable [In favour of assessee] The assessee-company dealing in shares incurred loss on account of sale of shares of a company. The Assessing Officer disallowed the loss. On appeal, the Tribunal allowed loss as business loss by recording finding that shares were sold on principal to principal basis and there was no evidence on record to show that any amount over and above the sale price was received for the sale of said shares. Held that once the Tribunal accepted the Explanation of assessee and, accordingly, deleted the additions in question, then, it would not involve any substantial issue of law as such. JUDGMENT A.M. Sapre J. - This is an appeal filed by the Commissioner of Income-tax under section 260A of the Income-tax Act, 1961, against an order dated November 26, 1998, passed by the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur (for short called "the Tribunal"), in I. T. A. No. 1974/JP/1992 for the assessment year 1989-90. 2. By the impugned order, the Tribunal allowed the assessee's appeal in part and in consequence reversed the order of the Commissioner of Income-tax (Appeals) on the issue raised in this appeal. 3. So the question that arises for consideration in this intra court appeal is whether it involves any substantial question of law within the meaning of section 260A ibid ? 4. Having heard the learned counsel for the appellant and on a perusal of record of the case, we are inclined to dismiss the appeal in limine as, in our opinion, the appeal does not involve any substantial question of law as is required to be made out within the meaning of section 260A ibid. 5. The assessee is a public limited company engaged in the business of purchasing and selling shares. 6. The issue relates to disallowance of loss to the extent of Rs. 3,66,808 on account of sale of shares of one company during the year in question (1989-90). The Assessing Officer disallowed it and the Commissioner of Income-tax…

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