TaxTMI 
TaxTMI 
2011 (4) TMI 475
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.... in favour of third parties and received a sum of Rs. 36 per share. This renunciation of his right resulted in short-term capital gain of Rs. 36 per share, which was clearly shown as such in the income-tax return filed by him amounting to Rs. 25,20,000. Simultaneously, the assessee also claimed that because of the increase in share capital of the company and the dilution of his holding of shares of the company, the value of the shares already held by him diminished and he suffered capital loss consequent to the rights issue. It was claimed as short-term capital loss which was worked out by him at Rs. 65,10,000 After adjusting the short-term capital gain, which the assessee absorbed in the short-term capital loss declared by him, the assesse....
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....ore October 31, 1993, which was filed before that date and therefore, no interest was chargeable. 2. The Commissioner of Income-tax (Appeals) set aside this order of the Assessing Officer also in respect of Shivani Devi on the ground that in the impugned order passed by the Assessing Officer, there was no reference to any income of business at nil, though in the return, she did disclose the fact of being a partner in the firm and thus, the return was due on or before October 31, 1993. 3. While hearing the appeal of the assessee herein, the Commissioner of Income-tax (Appeals) followed the aforesaid order passed in the case of Shivani Devi and allowed the same reliefs to the assessee also. It would be relevant to point ou....
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.... were allowed. 5. Not only this, the order of the Commissioner of Income-tax (Appeals) was not challenged by the Revenue. On the contrary the appeal effect was given by the Assessing Officer pursuant to the aforesaid order of the Commissioner of Income-tax (Appeals). The Assessing Officer, in this behalf, passed orders dated November 28, 1995. By this order, he deleted the addition of Rs. 25,20,000 on account of short-term capital gain. Thereafter, he passed another order dated January 27, 1997 under section 154 of the Act, consequent to the Commissioner of Income-tax (Appeals)'s order whereby short-term capital loss of Rs. 25,20,000 was carried forward to the subse-quent year. The dispute, which has now arisen, emanates from the ....
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....is as to whether the Tribunal was right in holding that in the case of this assessee, the question of fixing the due date by which the assessee was required to file the income-tax return had become final by virtue of the order of the Commissioner of Income-tax (Appeals) in the appeal filed by the assessee against the order of the Assessing Officer under section 143(3) of the Act. As pointed out above, for this purpose, the Tribunal has referred to the earlier order passed by the Commissioner of Income-tax (Appeals) in the case of Shivani Devi. The copy of the order of the Commissioner of Income-tax (Appeals) in Shivani Devi's case was produced before us. In that case, as noted above, the Commissioner of Income-tax (Appeals) deleted the pena....