The Commissioner Of Income Tax v. M/S.pamil Investments P. Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICGTION INCOME TAX REFERENCE NO. 59 of 1989 The Commissioner of Income Tax ... Applicant. vs. M/s.Pamil Investments P. Ltd. ... Respondent Mr. Ashok Kotangale, Sr. Counsel with Mr. D.A. Dubey i/b. K.C. Sidhwa for Applicant. CORAM: V. C. DAGA AND A. S. AGUIAR JJ.Date: 26[th] July, 2005. P. C.: 1. By this reference under section 256 (1) of the Income Tax Act ,1961, the Income Tax Appellate Tribunal has referred the followingquestions of law for the opinion of this court: 1961, the Income Tax Appellate Tribunal has referred the followingquestions of law for the opinion of this court: “Whether on the facts and circumstances of the case,the assessee had the option to carry forward the lossrelating to short term capital assets without setting it offagainst the income under any other head in accordancewith the provisions of section 71(3) read with section 75(1)(a)(i)? 2. Heard learned counsel for both sides. Perused referenceproceedings. proceedings. 3. For the reasons recorded by us in our judgment dated 1[st] July 2005passed in Income Tax Reference No. 397 of 1988 (C.I.T. vs. M/s.passed in Income Tax Reference No. 397 of 1988 (C.I.T. vs. M/s. Pithwa Engg. Works), wherein we have relied upon decision of thiscourt in the case of Commissioner of Income-tax v/s. CamcoColour Co., reported in ITR Vol. 254 (2002), page 565 we do notthink it necessary to answer the reference made to this Court for theAssessment Year 1981-82, having negligible tax effect.Accordingly, reference stands returned unanswered with no order asto costs. (A. S. AGUIAR J.) -x- (V. C. DAGA J. )