2007 (3) TMI 184

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....appeal is directed against the order of the Tribunal dated 10.3.2006 made in ITA No.1826/Mds/1999 for the assessment year 1995-96, raising the following common substantial questions of law: "(i) Whether on the facts and circumstances of the case, the Tribunal was right in law in holding that an amount of Rs.1,40,727/- being the difference between the cost price and market price of the share is ....

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...., the assessee had valued the shares at market price whereas he had been adopting the cost price for the earlier assessment years, which was not the regular established rule of commercial practice and accountancy?" 2. The Revenue is the appellant.  The assessee company claimed a sum of Rs.1,40,727/- being the difference between value of stock of shares as on 31.3.1995 valued at cost and it....

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....g Counsel for the Revenue, fairly concedes that the issues raised in this appeal have been squarely covered in favour of the assessee and against the Revenue by the decision of the Apex Court in Sakthi Trading Co. v. Commissioner of Income Tax, [2001] 250 ITR 871 and the decision of this Court in Commissioner of Income Tax v. Karur Vysya Bank Ltd., [2005] 273 ITR 510. 4. In Sakthi Trading Co. v....