2010 (1) TMI 26

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....einafter referred to as the "Act") relates to assessment year 2000-01. The assessee company is a private limited company incorporated under the Indian Companies Act engaged in finance and investment business. The assessee issued 21800 Optionally Convertible Premium Notes (OCPN) at Rs.100/- each on 15.4.1995 and raised loan of Rs.21.80 lakhs. These OCPNs were redeemable at the expiry of four years ....

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....,375/- and a sum of Rs.4,47,958/- in assessment year 2000-01. The CIT (Appeal) has allowed the claim in an appeal and in an appeal filed by the revenue Tribunal has confirmed the order of CIT (Appeal) and observed as follows: "During the course of hearing, the ld. D.R. Conceded that the above issue is covered in favour of the assessee, as the Tribunal in I.T.A. No. 613/Alld/99 for assessment year....

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..... Respectfully following the earlier order of the Tribunal, we uphold both the orders of the ld. C.I.T. (A) for both the assessment years under consideration by rejecting the grounds of appeal taken by the department." Learned Standing Counsel is not able to show that the revenue has filed any appeal against the order of the Tribunal for the assessment year 1996-97. The Division Bench of the Cal....