Commissioner of Income Tax vs M/s. New Ambadi Estates Pvt. Ltd.

Chitra Venkataraman, J.—The following substantial questions of law are raised by the Revenue in the present Tax Case (Appeals) preferred

as against the order of the Income Tax Appellate Tribunal, Chennai ''B'' Bench dated 23.04.2003 in ITA No. 278/Mds/97 & 1732/Mds/2000 for

the assessment years 1993-94 and 1994-95.

Whether on the facts and in the circumstances of this case, the Tribunal was right in its conclusion that the loss incurred by the assessee in the

alleged sale of partly convertible debenture is a capital loss?

Whether the Tribunal was right in holding that there was delivery of the securities and the loss was not speculation loss within the meaning of

Section 43(5) of the Income Tax Act, 1961?

At this stage, learned Standing counsel appearing for the Revenue submits that the issue raised in the above Tax Case (Appeals) is covered against

the Revenue by the decision of this Court in the case of Commissioner of Income Tax Vs. New Ambadi Estates (P) Ltd.,

Recording the said submission, we reject the Tax Case (Appeals) filed by the Revenue. Accordingly, the Tax Case (Appeals) stand dismissed.

No costs.