The Commissioner Of Income Tax-I, Chandigarh v. M/S Punjab State Industrial Development Corporation Ltd. Udyogltd., Sector 17, Chandigarh

IN THE HIGH COURT OF PUNJAB AND HARYANA ATCHANDIGARH ITA No.280 of 2011Date of decision :19.10.2011 The Commissioner of Income Tax-I, Chandigarh ...Appellant Versus M/s Punjab State Industrial Development Corporation Ltd. UdyogLtd., Sector 17, Chandigarh ...Respondent CORAM: HON'BLE MR. JUSTICE HEMANT GUPTA HON'BLE MR. JUSTICE G.S.SANDHAWALIA Present: Ms.Urvashi Dhugga, Advocate for the appellant. **** HEMANT GUPTA J. (Oral) The Revenue has claimed the following substantialquestion of law: “Whether the Hon'ble ITAT was right in law in holdingthat the sale of investment in various equities/shareswas to be treated as long term capital gain when themain business of the assessee was to provide financialsupport to various industries/business concernsthrough investments in equity to earn profit from thesame.” Learned Income Tax Appellate Tribunal has, in the orderunder appeal (Annexure A3), relied upon the judgment of thisCourt in petitioner's own case relating to assessment year1991-92 and 1992-93, i.e., in ITR No.20 of 2000 decided on30.09.2010. The petitioner has also relied upon the judgment ofspecial Bench of the Tribunal relating to assessment year ITA No.280 of 2011 1994- 95, 1995-96 and 1997-98 dated 24.04.2006. The IncomeTax Appeal against the said orders along with three otherconnected matters have been decided on 18.07.2011. Thequestion of law raised in the present appeal was the question oflaw raised in the aforesaid appeals and have been decidedagainst the Revenue. In view of the said fact, no substantial question of lawarises for our consideration. Dismissed. (HEMANT GUPTA)JUDGE (G.S.SANDHAWALIA) JUDGE