2001 (7) TMI 77

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... A.M. SAPRE J.--This appeal is filed by the assessee under section 260A of the Income-tax Act, 1961, against an order dated November 9, 1998, passed by the Income-tax Appellate Tribunal, Indore, in I.T.A. No. 49/Ind/95: assessment year 1990-91 (annexure D). This court admitted this appeal on the following substantial questions of law: "1. Whether the word 'loss' as appearing in section 205(1....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s not arise any need to elaborate the facts as also the legal submission in view of the admitted fact that the issue involved in this appeal is now settled and finally decided by their Lordships of the Supreme Court in the case of Surana Steels Pvt. Ltd. v. Deputy CIT [1999] 237 ITR 777 in favour of the assessee and against the Revenue. The question that arose for consideration in several cases....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ng the same issue were taken to the Supreme Court in appeal at the instance of the parties who lost the battle in the respective High Courts. Their Lordships then by their decision rendered in these appeals (Surana Steels Pvt. Ltd. v. Deputy CIT [1999] 237 ITR 777), answered the question in favour of the assessee and against the Revenue. Speaking through R. C. Lahoti J., the apex court while rever....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....use (b), from the Companies Act into section 115J of the Income-tax Act, there is no occasion to refer to the Companies Act, 1956, at all. For the foregoing reasons, Civil Appeals Nos. 4471 of 1995, 4472 of 1995 and Civil Appeals Nos. 180-181 (NT) of 1995 filed by (1) Surana Steels Pvt. Ltd., (2) V. V. Trans-Investment (P.) Ltd., Hyderabad, and (3) Binjusaria Metal Box Co. Ltd., Hyderabad, resp....