The Cit Mumbai City-Iv v. M/S.colgate Palmolive (India)Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.115 OF 2001 The CIT Mumbai City-IV ..Appellant Versus M/s.Colgate Palmolive (India)Ltd.,..Respondent ---- Mr.P.S.Sahadevan for the appellant. Mr.R.Murlidharan with Mr.Nishita Doshi i/by M/s.C.Bayley & Co. for the respondent. ---- Coram : F.I.Rebello & R.S.Mohite,JJ Coram : F.I.Rebello & R.S.Mohite,JJ Date : 4.2.2008 PC 1. Appeal was preferred on the following question of law :- "Whether on facts and in the circumstances of the case, the Tribunal was justified in law in confirming the order of CIT(A) and holding that the loss of Rs.43,23,486/- on sale of units was a short term capital loss and not speculation loss ? 2. In our opinion, the question is squarely covered by the judgment of the Supreme Court in Apollo TyresLtd., V/s. CIT reported in 255 ITR 273 in favour of the assessee. 3. In the light of the above, appeal dismissed. (R.S.Mohite,J) (F.I.Rebello,J) (R.S.Mohite,J) (F.I.Rebello,J)