2002 (3) TMI 601

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....ORDER Satish Chandra, Accountant Member - The appeal by the revenue is directed against the order dated 24-3-1994 of the CIT (Appeals) III, Bombay, pertaining to the assessment year 1990-91. The only substantive ground of the revenue reads as under : "On the facts and circumstances of the case and in law, the learned CIT (Appeals) has erred in allowing the loss of Rs. 19,50,000 on account....

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....by the assessee with reference to the devaluation in the value of th existing investment. In this regard the appellant relied on a number of decisions including the decision of the Bombay High Court in the case of 81 ITR 413 and the decision of Supreme Court in the case of 63 ITR 651 . However, this claim of the assessee was rejected by the Assessing Officer on the ground that the deduction claime....

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....cisions as quoted above. Under these circumstances, there was no reason for the Assessing Officer to disallow the loss as claimed. As such the Assessing Officer is directed to allow the loss as claimed by the appellant in its return of income." The revenue is aggrieved. 5. The parties have admitted that the issue is covered in favour of the assessee by the decision supra of the Apex Court, w....