High Court held that the Assessing Officer had recorded that he examined the assessee’s de-materialised account in order to verify the share trading activities claimed by the assessee and before passing the assessment order, he had also examined the sale, purchase and closing stocks. The Assessing Officer had applied his mind while accepting the claim of the assessee of operating loss of Rs. 8.79 crores, and in any event, the view taken on the facts by the Assessing Officer was a possible view. The order of the tribunal was affirmed. On SLP  dismissing the petition the Court held that the issues resolved by the High Court were pure questions of fact and in the absence of any question of law being involved, no case to interfere was made out. (AY.2011-12)