9911796707
TMI Blog2015 (11) TMI 1215X X X X Extracts X X X X X X X X Extracts X X X X ..... JUDGMENT Vibhu Bakhru, J 1. The Revenue has filed this appeal under Section 260A of the Income Tax Act, 1961 (hereafter the 'Act') impugning an order dated 20th August, 2002 passed by the Income Tax Appellate Tribunal (hereafter 'ITAT') in ITA No. 1051/Del/2001. The said appeal (being ITA No. 1051/Del/2001) was preferred by the Assessee against an order dated 31st January, 2001 passed by the Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he capital gains/income earned by the assessee?" 3. Briefly stated the relevant facts necessary to address the present appeal are as under:- 3.1 The Assessee company is an investment company belonging to the Jindal Group of companies. Jindal Group is mainly engaged in the manufacturing and production of ferrous metals and alloys. Jindal Group includes investment companies - such as the Assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... even) PCDs for every 10 (ten) equity shares. JISCO also floated a rights issue in terms of which every shareholder was entitled to subscribe to 5 (five) PCDs for 4 (four) equity shares. 3.3 During the year in question the assessee company sold 50,000 equity shares of JSL and 141400 shares of M/s Saw Pipes Ltd which, according to the Assessee resulted in short term capital gains of Rs. 1,15,59,800 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to subscribe to PCD was the dimunition in value of the share holding in JSL and JISCO computed at Rs. 140/- per share of JSL and Rs. 200 per share of JISCO. After accounting for the sale consideration for renunciation of rights to subscribe the PCDs, the Assessee claimed that it had suffered a loss of Rs. 79,56,000 on renunciation of PCDs of JSL and Rs. 1,77,77,500 on renunciation of PCDs of JISCO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 6. At the outset, the learned counsel for the parties submitted that the material facts and issues in the present appeal were similar to the issues involved in Commissioner of Income Tax Delhi-I v. M/s Abhinandan Investment Ltd.: ITA No.130/2001 and a decision in said appeal ITA 130/2001 would also determine the questions in the present appeal. 7. Thus, in view of our decision in Commissioner ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
