TaxTMI 
TaxTMI 
2011 (6) TMI 50
X X X X Extracts X X X X
X X X X Extracts X X X X
....smissing the appeal preferred by the assessee. 2. Being dissatisfied, the assessee has come up with the present appeal. 3. The facts leading to the filing of this appeal may be summed up thus: a) The appellant before us is a company incorporated under the Companies Act, 1956 as a Public Company limited by share. b) For the Assessment Year 1997-98, the appellant on 30th November, 1997 filed its return of income along with Auditors Report and audited statement of account. In the said return for the abovementioned Assessment Year, the appellant disclosed a loss of Rs.15,61,89,342/- and the same was processed under Section 143(1) of the Act. On 30th June, 1998, the appellant filed a revised computation during the cours....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ward the same in the next Assessment Year. f) The Commissioner of Income-tax (Appeals), however, by order dated 13th March, 2011 dismissed the appeal by affirming the order of the Assessing Officer. g) Being dissatisfied, the appellant preferred an appeal before the Income-tax Appellate Tribunal and by the order impugned in this appeal the Tribunal has affirmed the order passed by the Commissioner of Income-tax (Appeals). 4. A Division Bench of this Court at the time of admission of this appeal has formulated the following substantial questions of law: "1. Whether the Explanation to Section 73 which creates a legal fiction by which the purchase and sale of shares specified in the said Explanation whic....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ssment Year 1995-96 of the appellant as also the order of "B" Bench of the Tribunal in ITA NO.1531(Kol) of 2005 relating to the Assessment Year 1996-97 showing that in those orders, it has been held that the principal business of the appellant was that of granting loans and advances and as such, the case of the appellant had fallen within the exceptions to Explanation to Section 73 of the Act. It appeared that against such orders the Revenue preferred appeals before this Court but those were dismissed and those orders have attained finality. 6. This Court allowed such application for taking those orders as additional evidence and gave liberty to the Revenue to produce evidence in rebuttal if they so desired. The Revenue, however, ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....d to the following assessment year and so on. (3) In respect of allowance on account of depreciation or capital expenditure on scientific research, the provisions of sub-section (2) of Section 72 shall apply in relation to speculation business as they apply in relation to any other business. (4) No loss shall be carried forward under this section for more than four assessment years immediately succeeding the assessment year for which the loss was first computed. Explanation.-Where any part of the business of a company other than a company whose gross total income consists mainly of income which is chargeable under the heads "Interest on securities", "Income from house property", "Capital gains" and "Income from....