Commissioner Of Income Tax v. Aakrosh Investment And Leasing

(-1-) 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. R.S.MOHITE, JJ. DATED: 17th January, 2009 P.C.: 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. (-2-) (R.S.MOHITE, J.) (F.I.REBELLO, J.) (R.S.MOHITE, J.) (F.I.REBELLO, J.) (R.S.MOHITE, J.) (F.I.REBELLO, J.)