The Commissioner of Income Tax appealed regarding a loss on sale of debentures. The bench dismissed the appeal by following a prior decision (CIT vs. Lazor Syntex Ltd.) where it held the question of law did not arise.
The appeal was dismissed as the question of law does not arise.
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MGN
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEAL NO.1294 OF 2008
Commissioner of Income Tax.. .....Appellant
Vs.
Aakrosh Investment and Leasing
Pvt. Ltd. ....Respondent
Mr.P.S. Sahadevan i/b. Vimal Gupta for the
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.
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(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 H series Debentures 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.Followed¶12
Commissioner of Income Tax vs. Lazor Syntex Ltd., Income Tax Application No. 11 of 1999
Commissioner of Income Tax
Aakrosh Investment and Leasing 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