2008 (1) TMI 314

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....he judgment of the court was delivered by R. S. MOHITE J. - Heard both sides. 2. According to the revenue the Questions of Law at Sr.  Nos. 1,2,3 and 4 arise from the basic question as to whether the assessee was entitled to opt for the fair market value of certain shares as on the statutory date i.e. 1.4.1981, even though the said shares were held as stock-in-trade as on that date. ....

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....ome Tax and the appeal was partly allowed. In an appeal by the petitioner to the Appellate Tribunal, on the aforesaid issue, the Tribunal held in favour of the assessee and while doing so, reliance was placed upon the Division Bench Judgment of this court in the case of Keshavji Karsondas Vs.  Commissioner of Income Tax reported in [1994] 207 ITR 737. 5. In the aforesaid case the subject m....

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....contended by counsel for revenue that the decision in the case of Keshavji Karsondas v.CIT [1994] 207 ITR 737(Bom).. was distinguishable in the facts of the present case. He pointed out that by Finance Act 1992, with effect from 1993, the mode of computation of income chargeable under head "Capital Gain" had changed and the concept of "Index Cost of Acquisition" had been introduced and defined und....

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....hen the same were converted from stock-in-trade to a capital asset. 8. The substantial question of law at Sr. Nos. 5 and 6 arise from the question as to whether the coupons received alongwith non convertible debentures issued by Bharat Forge Limited were liable for capital gains. The question has been answered in the negative by the ITAT after giving detailed reasons. On perusal of the reasonin....