Itxa/923/2008 Of Sovereign Securities Pvt. Ltd., Mumbai v. The Income - Tax Oficer Ward -4 (2) (1), Mumbai

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.923 OF 2008 Sovereign Securities Pvt. Ltd. ..Appellant. V/s. The Income Tax Officer ..Respondent. Mr. Vipul Joshi with Sameer G. Dalal for appellant. Mr. P.S. Sahadevan for respondent. CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ. DATED : 23RD SEPTEMBER, 2009. P.C. :- 1.Heard learned counsel for the revenue and the respondent. The appeal was admitted on 26/08/2008 on the following substantial question of law:- " Whether in the facts and circumstances of the case and in law, the Tribunal was right in holding that the loss incurred by the appellant on account of valuation of the shares held as closing stock, on the basis of the principle of valuation of stock at cost or market value whichever is lower, was to be treated as speculation loss under the provisions of Explanation to section 73 of the Act ? " 2.The issue sought to be raised in the appeal is covered by the judgment of this Court in the case of CIT V/s. Prasad Agents Pvt. Ltd.reported in (2009) 180 Taxman 178against the assessee. In this view of the matter, the appeal is disposed of accordingly with no order as to costs. (J.P.DEVADHAR, J.) (V.C.DAGA, J.)