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Section 72 of the Income-tax Act, 1961 - Losses - Carry forward and set-off of business losses Claim of assessee, investment company, for adjustment of interest income against its loss in share trading, was allowable [A.Y 1994-95] The assessee was an investment company. It had disclosed an interest income and the said income was adjusted against the loss in share trading. Both, the Commissioner (Appeals) and the Tribunal rendered concurrent findings after evaluation of the materials on record allowing its claim: Held that Court in an appeal under section 260A is not required to reappreciate the evidence on record and to review the concurrent findings of the Commissioner (Appeals) as well as the Tribunal on facts. Further, having regard to the decision in CIT v. Janki Textiles and Industries Ltd. [2003] 264 ITR 579(Gau.), the order of the Tribunal was to be upheld. JUDGMENT 1. Heard Mr. U. Bhuyan, learned counsel for the petitioner. 2. The appeal is admitted for hearing on the following question : "Whether, on the facts and in the circumstances of the case, is not the decision of the Tribunal perverse in deciding the case against the Revenue ignoring the fact that the assessee had adopted the colourable device evidenced by his conduct of incurring heavy losses from year to year in share transaction to avoid the payment of due tax ?" 3. None appears for the respondent though the notice has been duly served as per office record. 4. This appeal has been preferred by the Revenue under section 260A of the Income-tax Act, 1961, challenging the order dated May 20, 2001, passed by the Income-tax Appellate Tribunal, Guwahati Bench, Guwahati, in I.T.A. No. 30 (Gauhati) of 1998 relatable to the assessment year 1994-95. Shorn of factual details, we would like to straight way answer the question relying upon a of a Division Bench of this court in CIT v. Janki Textiles and Industries Ltd. [2003] 264 ITR 579. An identical question was dealt with by this court in the aforesaid case. In that the assessees were investment companies and their main source of income was from interest. The assessee-company during the assessment years showed…

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