Itxa/1555/2009 Of The Commissioner Of Income-Tax-3,Mum v. M/S Biraj Textiles Trading Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTIONINCOME TAX APPEAL (LOD) NO.1322 OF 2007 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (LOD) NO.1322 OF 2007 The Commissioner of Income Tax ..Appellant. V/s. M/s.Biraj Textiles Trading Ltd. ..Respondent. Mr.Vimal Gupta with P.S.Sahadevan for appellant. Mr.J.D.Mistry with P.C.Tripathi i/b. Raj Darak for respondent. CORAM : V.C.DAGA ANDJ.P.DEVADHAR, JJ. DATED : 24TH APRIL, 2009. CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ. DATED : 24TH APRIL, 2009. P.C. :- P.C. :- 1. Heard learned counsel for the revenue. The appeal seeks to raise the following substantial questions of law :- 1) Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in confirming the order of CIT(A) in holding that the loss of Rs.9,99,744/- incurred on sale of NCS’s of ’J’ series of M/s.Reliance Industries Ltd. is admissible as a genuine loss and was not a contrived loss as held by the assessing officer ? 2) Whether on the facts and in the circumstances of the case and in law the Tribunal is right in confirming the order of CIT(A) in directing the assessing officer to allow assessee’s claim of loss on account of renunciation of right to receive fresh shares of Reliance Capital & Finance Trust Ltd. ? - = : 2 : = - 2. So far as the first question is concerned, the same is covered by the Division Bench judgment of this Court in the case of Commissioner of Income Tax V/s. Lazor Syntex Ltd. [Income Tax Application No.11 of 1999] decided on 11/6/2007 (unreported). 3. So far as the second question is concerned the same is squarely covered by the judgment of the Ms.Dhun Dadabhoy Kapadia Apex Court in the case of Ms.Dhun Dadabhoy Kapadia V/s. Commissioner of Income Tax & Ors. reported in V/s. Commissioner of Income Tax & Ors. V/s. Commissioner of Income Tax & Ors. 63 I.T.R. 651 63 I.T.R. 651. In this view of the matter, no 63 I.T.R. 651 substantial question of law arise in the appeal. The appeal is dismissed in limini with no order as to costs. (V.C.DAGA, J.) (V.C.DAGA, J.) (J.P.DEVADHAR, J.) (J.P.DEVADHAR, J.)