In this income tax appeal, the Bombay High Court allowed the Revenue's challenge. The court discharged the appeal following a prior decision in CIT vs. Lazor Syntex Ltd.
The appeal was dismissed as the question of law would not arise.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
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MGN
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEAL NO.1293 OF 2008
Commissioner of Income Tax.. .....Appellant
Vs.
Anuchit Traders Pvt. Ltd. .....Respondent
Mr.P.S. Sahadevan i/b. Vimal Gupta
forthe Appellant.
Mr. J.D. Mistri with Mr. Raj Darak and Mr. P.C.
Tripathi for the respondent.
CORAM: F.I.REBELLO&
R.S.MOHITE, JJ.
DATED: 17th January, 2009
P.C.:
. Appeal has been preferred by the Revenue on
the following question:-
"Whether the loss of Rs.32,37,576/- incurred
by the assessee on sale of part B of H
series Debentures of M/s.Reliance Ind.Ltd.
is a contrived loss and not a genuine loss?"
Similar issue had come up for consideration before
this Court in Commissioner of Income Tax vs. Lazor
Syntex Ltd., Income Tax Application No.11 of 1999
which was decided on 11th June, 2007 in which the
learned Bench of this Court held that the question
of law would not arise considering the discussion in
the said order. For the same reasons following the
judgment in CIT vs. Lazor Syntex Ltd. the question
of law as framed would not arise and consequently
Appeal dismissed.
(R.S.MOHITE, J.) (F.I.REBELLO, J.)
1 issue framed by the court
Whether the loss of Rs.32,37,576/- incurred by the assessee on sale of part B of H series Debentures of M/s.Reliance Ind.Ltd. is a contrived loss and not a genuine loss?
Colour shows how this judgement treated each authority
Commissioner of Income Tax vs. Lazor Syntex Ltd., Income Tax Application No.11 of 1999Followed¶11
Commissioner of Income Tax
Anuchit Traders Pvt. Ltd.
F.I. Rebello
R.S. Mohite
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court