T IN THE HIGH COURT OF JDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 653 OF 2007 Omprakash Agarwal ..Appellant. Vs. ,The JCIT, Range 22(3)..Navi Mumbai ..Respondent. Ms. Beena Pillai i/b D.M.Harish & Co., for the Appellant. Mr Suresh Kumar, for the respondent. CORAM : J.P. DEVADHAR AND A.A. SAYED, JJ. DATE : 09th AUGUST , 2011. P.C. 1. Heard. 2. This appeal was admitted on the following question of law: “Whether, on the facts and circumstances of the case and in law, the Tribunal ought to have held that the transaction of purchase and sale of the units of J.M.Mutual Fund was bonafide commercial transaction and not a colourable devise adopted with a view to avoid the tax liability and, therefore, the loss arising from the transaction was liable to be set off against the taxable income of the appellant?” 3. Counsel for the parties state that the aforesaid question raised in this appeal is answered in favour of the appellant- assessee and against the revenue by the decision of the Apex Court in the case of Commissioner of Income-Tax Vs. Walfort Shares and Stock Brokers P Ltd, reported in (2010) 326 ITR 1 (SC). Accordingly, the Appeal is allowed by answering the question in favour of the appellant-assessee and against the revenue. ( A.A. SAYED, J. ) (J.P. DEVADHAR, J.)