Commissioner Of Income Tax, Delhi-Ii v. Liquid Investment & Trading Co

$~R-125*IN THE HIGH COURT OF DELHI AT NEW DELHI+ITA 626/2005 COMMISSIONER OF INCOME TAX, DELHI-II .... AppellantThrough:Ms. Vibhooti Malhotra, Advocate. versus LIQUID INVESTMENT & TRADING CO..... RespondentThrough:Ms. Kavita Jha and Mr. BhuwanDhoopar, Advocates. CORAM:JUSTICE S.MURALIDHARJUSTICE PRATHIBA M. SINGH O R D E R04.09.2017 % 1. This is an appeal under Section 260A of the Income Tax Act, 1961 by theRevenue directed against the order dated 3[rd]December, 2004 passed by theIncome Tax Appellate Tribunal (‘ITAT’) in ITA No.1493/Del/2004 for theAssessment Year 1996-97. 2. While admitting this appeal on 5[th]September, 2005, the followingquestion of law was framed: "Whether the Income Tax Appellate Tribunal was correct in lawin not allocating any value to the detachable warrant enclosed tothe Non Convertible Debentures which had entitled the assessee tohave a right to subscribe to a share of the company at a discountedrate?” 3. It is not in dispute that the said question of law stands answered againstthe Revenue and in favour of the Assessee by the order dated 22[nd] September, 2016 of this Court in ITA No. 595/2004 (CIT v. MohairInvestment & Trading Co.). Accordingly, the question framed is answeredin the affirmative i.e. against the Revenue and in favour of the Assessee. 4. The appeal is dismissed. S. MURALIDHAR, J. SEPTEMBER 04, 2017dk PRATHIBA M. SINGH, J.