2015 (11) TMI 1285

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.... and Mr Shikhar Garg. For the Respondent : Mr. Ajay Vohra, Senior Advocate with Ms. Kavita Jha JUDGMENT VIBHU BAKHRU, J 1. The Revenue has filed this appeal under Section 260A of the Income Tax Act, 1961 (hereafter the 'Act') impugning an order dated 14th March, 2002 passed by the Income Tax Appellate Tribunal (hereafter 'ITAT') in ITA No. 5306/Del/95. The said appeal (being ITA No. 53....

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....was right in holding that the assessee had incurred loss on sale of its entitlement to acquire partly convertible debentures and the assessee is entitled to set off the alleged loss from the capital gains/income earned by the assessee?" 3. However in the facts of the present case, the first question does not arise. Further the reference to partly convertible debentures in the second question ma....

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....une, 1992. The said assessment was set aside by CIT(A) by an order dated 2nd February, 1993. Thereafter, a notice under Section 143(2) of the Act was issued to the Assessee and a fresh assessment order dated 28th July, 1993 was passed by the AO. 4.3 As on 1st April, 1989, the Assessee held 1,94,000 equity shares of Jindal Strips Limited (hereafter 'JSL'). JSL floated rights issue of fully conve....

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....0,000 shares). Accordingly, the Assessee claimed that it had incurred a loss of Rs. 39,20,000/- (Rs.43,40,000/- - Rs. 4,20,000/-). 4.5 The AO noticed that the shares of JSL were held as closing stock and, accordingly, disallowed the notional cost of acquisition claimed by the Assessee. The Assessee held that any diminution in the value of stock of JSL - the basis on which the cost of acquisitio....