M/S. Wartsila India Ltd v. The Deputy Commissioner Of

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1441 OF 2011 M/s. Wartsila India Ltd.versus ..Appellant The Deputy Commissioner of Income Tax-3(3), Mumbai..Respondent -------- Mr. J.D.Mistri, Sr. Adv with Sanjiv M. Shah for the Appellant. Mr. Vimal Gupta, Sr. Adv i/b Padma Diwakar for the Respondent. ............. CORAM : J.P. DEVADHAR & M.S.SANKLECHA, JJ. DATE : 24[th] January, 2013 P.C. : Not on Board. Mentioned, taken up for hearing. 2 Heard admit on the following substantial questions of law: i)Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that the brought forward long term capital loss of Rs.6,91,789/- incurred in the Assessment Years 1998-99 and 2002-03 being before the amendment to Section 74 (effective from Assessment Year 2003-04) cannot be set-off against short term capital gains of the Assessment Year under appeal namely, 2004-05? ii) Whether on the facts and in the circumstances of the case and in law, the Tribunal's order dated 26.02.2010 is perverse, contrary to weight of evidence adduced by the Appellant and founded on irrelevant considerations and therefore, all its conclusions, findings and holdings are vitiated and plagued by infirmities inasmuch as no person acting judicially and properly instructed as to the relevant law would have come to the inferences arrived by the Tribunal? 3 To be heard alongwith Income Tax Appeal No. 1518 of 2011. (M.S. SANKLECHA, J.) (J.P.DEVADHAR, J.)