The Assessing Officer disallowed the loss on the ground that the assessee had only shown a single purchase and sale during the first quarter, and thereafter no business transaction had been made in the whole financial year to generate revenue. CIT ( A) affirmed the order of the  Assessing Officer. On appeal the Tribunal held even a single transaction may constitute business as defined in section 2(13) . It is not necessary that there should be a series of transactions both of purchase and sale to constitute trade. The assessee had filed a list of employees hired by the assessee, form 6 of the chief executive officer of the company, invoices of fixed assets such as computer and other peripherals, and a table of its purchase and sale. The assessee had commenced its business in the assessment year as it had made its sale and purchase. Loss is allowed to be carried forward .  (AY. 2016 -17 )