The Commissioner Of Income Tax v. M/S.vita Investments And Trading Co. Pvt.ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTIONINCOME TAX APPEAL NO.181 OF 2006 The Commissioner of Income Tax,..AppellantVs.M/s.Vita Investments and TradingCo. Pvt.Ltd...Respondent Mr.Vimal Gupta for the Appellant.Mr.J.D.Mistry a/w. Mr.Raj Darak for the Respondent. P.C. CORAM :- DR.S.RADHAKRISHNAN &V.C.DAGA, JJ. DATE : 10TH NOVEMBER, 2008 .Heard the learned Counsel for the parties. In the above, the Appellant is seeking to raise the following substantial questions of law: a. Whether on the facts and in thecircumstances of the case, the Learned CIT (A)erred in law in holding that the loss ofRs.38,57,659/- incurred on sale of part B of Hseries Debentures and NCDS of J SeriesDebentures of M/s.Reliance Industries Ltd. isadmissible as a genuine loss and was acontrived loss as held by the AssessingOfficer?b. On the facts and in the circumstances ofthe case, the Learned CIT(A) erred indirecting the Assessing Officer to allowdeduction u/s.80-M in respect of the grossamount of dividends without adjusting anyproportionate amount of interest attributableto the dividend income. the present Appeal. Hence, the same stands dismissed. (V.C.DAGA,J.) (DR.S.RADHAKRISHNAN,J.) (DR.S.RADHAKRISHNAN,J.) (DR.S.RADHAKRISHNAN,J.)