In this appeal under Section 260A of the Income Tax Act, 1961, the High Court of Delhi dismissed the Revenue's appeal. Relying on a prior decision (CIT v. Mohair Investment & Trading Co.), the Court answered the framed question of law against the Revenue and in favour of the Assessee.
The appeal filed by the Revenue was dismissed.
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.
$~R-125
* IN THE HIGH COURT OF DELHI AT NEW DELHI
COMMISSIONER OF INCOME TAX, DELHI-II .... Appellant Through: Ms. Vibhooti Malhotra, Advocate.
versus
LIQUID INVESTMENT & TRADING CO. .... Respondent Through: Ms. Kavita Jha and Mr. Bhuwan Dhoopar, Advocates.
CORAM: JUSTICE S.MURALIDHAR JUSTICE PRATHIBA M. SINGH
O R D E R % 04.09.2017
" Whether the Income Tax Appellate Tribunal was correct in law in not allocating any value to the detachable warrant enclosed to the Non Convertible Debentures which had entitled the assessee to have a right to subscribe to a share of the company at a discounted rate? ”
September, 2016 of this Court in ITA No. 595/2004 ( CIT v. Mohair Investment & Trading Co. ). Accordingly, the question framed is answered in the affirmative i.e. against the Revenue and in favour of the Assessee.
S. MURALIDHAR, J.
PRATHIBA M. SINGH, J.
SEPTEMBER 04, 2017 dk
1 issue framed by the court
Whether the Tribunal was correct in not allocating value to detachable warrants in non-convertible debentures?
Colour shows how this judgement treated each authority
CIT v. Mohair Investment & Trading Co.Followed¶12
ITA No. 595/2004 CIT v. Mohair Investment & Trading Co.
1 provisions across 1 enactments
COMMISSIONER OF INCOME TAX, DELHI-II
LIQUID INVESTMENT & TRADING CO.
SMURALIDHAR
PRATHIBAM.SINGH
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
