2016 (5) TMI 476

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....ondent : Md. Nizamuddin, Advocate Mr.P.Dhudhoria,Advocate ORDER The Court : The appeal is directed against a judgement and order dated 13th October, 2006 passed by the learned Income Tax Appellate Tribunal, "D" Bench, Kolkata pertaining to the assessment year 2001-2002. Aggrieved by the order, the revenue has come up in appeal. The question formulated at the time of admission of the appeal r....

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.... in drawing the conclusion that the debentures were held as investments relied upon the following notes on accounts : "The notes on accounts for accounting policies mentions :- 'investment held by the company are long time in nature and are taken at cost' The assessing officer, however, ignored and/or refused to attach any importance to the further notes which is as follows : ....

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....venue, the learned Tribunal held as follows : "However, it is also relevant to note that the assessee is treating such investment in debentures as business asset, which was also accepted by the Department in the earlier assessment. Apart from the above facts, it is also an undisputed fact that the main activity of the assessee is dealing in charges and securities and the assessee has also....