2019 (5) TMI 559

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....: 1. This Appeal is filed by the Revenue to challenge the Judgment of the Income Tax Appellate Tribunal. 2. The following question is presented for our consideration. "Whether on the facts and in circumstances of the case and in law, the ITAT was justified in deleting the disallowance of short term capital loss of Rs. 14,40,00,000/made by the Assessing Officer in view of provisions of Section ....

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....t at the end of the period of 18 months, the warrant had become valueless and that, therefore, there is no transfer of capital asset. 5. The CIT (Appeals) and the Tribunal allowed the Assessee's claim relying on the decision of Karnataka High Court and Delhi High Court.   6. We notice that Karnataka High Court, in the case of Deputy Commissioner of Income Tax Vs. BPL Sanyo Finance Ltd. ....

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....es for our consideration. This is so on two grounds. First of all, the question of whether forfeiture amounted to transfer, was not at all raised before the authorities below and in view of the decision of this Court in Indo-count Finance Ltd. [2004] 271 ITR 215, we cannot permit the Revenue to take up this issue for the first time before this Court. 13. More importantly, the second issue as to ....