Commissioner Of Income Tax v. M/S Punjab Agro Industries Corporation Ltd

IN THE HIGH COURT OF PUNJAB AND HARYANA ATCHANDIGARH. I.T.A. No.666 of 2010 Date of decision: 13.12.2010 Commissioner of Income Tax. Vs. M/s Punjab Agro Industries Corporation Ltd. -----Appellant. -----Respondent CORAM:- HON'BLE MR. JUSTICE ADARSH KUMAR GOELHON'BLE MR. JUSTICE AJAY KUMAR MITTAL Present:-Ms. Urvashi Dhugga, Standing counselfor the Revenue.for the Revenue. --- ADARSH KUMAR GOEL, J. 1. This appeal has been preferred by the revenue underSection 260-A of the Income Tax Act, 1961 (for short, “the Act”)against the order of the Income Tax Appellate Tribunal,Chandigarh dated 31.12.2009 in I.T.A. No.874/Chandi/2009proposing to raise following substantial questions of law:- “(i)Whether on the facts, and in the circumstances of thecase and in law, the Hon’ble ITAT was correct inholding that the sale of shares by the assessee was acapital gain and not profit and gain from business.case and in law, the Hon’ble ITAT was correct inholding that the sale of shares by the assessee was acapital gain and not profit and gain from business. (ii)Whether on the facts, and in the circumstances of thecase and in law, the Hon’ble ITAT was correct indirecting the department to follow the principal cannotdepart from the accepted position in the earlier years.”case and in law, the Hon’ble ITAT was correct indirecting the department to follow the principal cannotdepart from the accepted position in the earlier years.” 2. Learned counsel for the revenue fairly states that thematter is covered against the revenue by order of this Court dated30.9.2010 in I.T.R. No.20 of 2000The Punjab State IndustrialDevelopment Corporation Ltd., Chandigarh v. CIT.3. Accordingly, the appeal is dismissed. (ADARSH KUMAR GOEL) JUDGE December 13, 2010ashwani ( AJAY KUMAR MITTAL ) JUDGE