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TMI Blog2016 (3) TMI 975X X X X Extracts X X X X X X X X Extracts X X X X ..... r Section 37(1) of the I.T. Act, 1961? - Income Tax Appeal No. 2387 of 2013 - - - Dated:- 21-3-2016 - M. S. Sanklecha And A. K. Menon, JJ. For the Appellant : Mr. Ashok Kotangale a/w Ms. Padma Divakar For the Respondent : Mr. F. V. Irani a/w Atul Jasani ORDER P. C. 1. This Appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961 (the Act ) takes exception of the order dated 6th March, 2013 passed by the Income Tax Appellate Tribunal ( Tribunal ). The impugned order dated 6th March, 2013 relates to Assessment Year 200102. 2. The Appellant-Revenue has urged the following questions of law for our consideration:- (1) Whether on the facts and in the circumstances of the case and in law, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e between the parties that the shares held by the Respondent-Assessee are stock in trade as the Respondent is a trader in shares and had in its books had classified it under the head 'Stock in Trade'. On these facts, Mr. Kotangale, the learned counsel for the Revenue very fairly states that the issue stands concluded against the Revenue and in favour of the RespondentAssessee by the decisions of this Court in HDFC Bank Ltd. V/s. The Deputy Commissioner of Income Tax2( 3) (Writ Petition No.1753 of 2016 rendered on 25th February, 2016) as the alternative contention raised therein. It needs to be stated that in HDFC Bank (supra) the Tribunal had refused to follow its decision in India Advantage Security Holding that Section 14A of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be satisfactorily explained by the Tribunal. (ii) In the above view, question as formulated does not give rise to any substantial question of law. Thus not entertained. 5. Regarding question no.4: (i) The Assessing Officer added a sum of ₹ 17.69 lakhs to the income declared as accrued interest on Government Security. This interest was due and payable only on the coupon date of security. This coupon date fell beyond the last date of the previous year to the relevant assessment year. Thereupon the interest in securities was receivable only after the last date of financial year relevant to the assessment as the due date fell in the next financial year. The Commissioner of Income Tax (Appeals) and the Tribunal both held that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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