TaxTMI 
TaxTMI 
2018 (6) TMI 1057
X X X X Extracts X X X X
X X X X Extracts X X X X
.... KURESHI) 1. This Tax Appeal is filed by the assessee challenging judgement of the Income Tax Appellate Tribunal dated 09.04.2007. Following question was framed at the time of admission of the appeal: "Whether on the facts and in the circumstances of the case the Tribunal was right in law in upholding the decision of the Assessing Officer in disallowing loss of Rs. 24,43,750/- on sale of Part ....
X X X X Extracts X X X X
X X X X Extracts X X X X
..... The assessee carried the matter in appeal. CIT(A) disposed of appeal on 17.12.2002. Assessee's further appeal came to be dismissed by the Tribunal by the impugned order dated 19.04.2007 against which, this appeal has been filed. 4. When this appeal was pending, this Court delivered its judgement in case of Deepak Nitrite Ltd. vs. Commissioner of Income Tax reported in [2008] 307 ITR 289 in ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e subscribed to the debentures pursuant to the public offering. This was not a case of private placement meant exclusively for the assessee. The option of payment of debenture subscription ahead of the due date was available to all the subscribers. The debentures were sold to UTI, a semi-government institution, whose representative signed the debenture transfer from and the assessee was able to ge....
X X X X Extracts X X X X
X X X X Extracts X X X X
....unterfeit, feigned or a contrivance. If this be so, the legal effect, as per the provisions of the Income Tax Act, will have to be given as prescribed by law. The assessee has sold a capital asset which has resulted in a capital loss of Rs. 24,43,750/-. As per the provisions of section 71 of the Income Tax Act as applicable in A.Y. 1989- 90 the loss suffered on the sale of capital asset has to be ....