Counsel Appearing On Behalf Of The Revenue States That The Issues Raised In The Appeal Would Stand Covered Against The Revenue By The Judgment Of The Division B v. There Shall Be No Order As To Costs

IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. INCOME TAX APPEAL NO.509 OF 2007 The Commissioner of Income Tax-Central IV ..Appellant. Vs.M/s.Triumph Securities Ltd. ..Respondent. .... Mr. P.S. Sahadevan for the Appellant. Mr. P.J. Pardiwala, Senior Advocate with Mr. Atul K. Jasani for the Respondent. ..... CORAM : DR.D.Y.CHANDRACHUD &J.P.DEVADHAR, JJ. P.C. : 26 July 2010. 1.The appeal was admitted on the following questions of law :- “(A)Whether on the facts and in the circumstances of the case and in law the Tribunal was right in holding that the speculation loss from purchase and sale of shares done on non delivery basis will be set off against the profits from trading of shares done on delivery basis; (B)Whether on the facts and in the circumstances of the case and in law the Tribunal was right in holding that the Explanation to Section 73 of the IT Act 1961 will be applicable for converting profits from trading in shares done on delivery basis into speculation profit with the purpose of setting off another speculation loss against it; (c)Whether on the facts and in the circumstances of the case and in law the Tribunal was right in holding that the deeming provisions made with object to curb tax evasion can be 2.Counsel appearing on behalf of the Revenue states that the issues raised in the appeal would stand covered against the Revenue by the judgment of the Division Bench of this Court dated 16 February 2010 in Commissioner of Income Tax v. Lokmat Newspapers Pvt. Ltd. (ITXA(L) 3005 of 2009). In view of the statement made on behalf of the Revenue the questions of law shall stand answered against the Revenue and in favour of the Assessee in terms of the judgment of this Court in Lokmat Newspapers (supra). The appeal is accordingly disposed of. There shall be no order as to costs. (Dr. D.Y.Chandrachud, J.) (J.P. Devadhar, J.)