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TMI Blog2001 (7) TMI 77X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 260A of the Income-tax Act, 1961, against an order dated November 9, 1998, passed by the Income-tax Appellate Tribunal, Indore, in I.T.A. No. 49/Ind/95: assessment year 1990-91 (annexure D). This court admitted this appeal on the following substantial questions of law: "1. Whether the word 'loss' as appearing in section 205(1), first proviso clause (b), of the Companies Act, 1956, read wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ission in view of the admitted fact that the issue involved in this appeal is now settled and finally decided by their Lordships of the Supreme Court in the case of Surana Steels Pvt. Ltd. v. Deputy CIT [1999] 237 ITR 777 in favour of the assessee and against the Revenue. The question that arose for consideration in several cases which came to be decided by several High Courts in the country in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... instance of the parties who lost the battle in the respective High Courts. Their Lordships then by their decision rendered in these appeals (Surana Steels Pvt. Ltd. v. Deputy CIT [1999] 237 ITR 777), answered the question in favour of the assessee and against the Revenue. Speaking through R. C. Lahoti J., the apex court while reversing the view taken by the Andhra Pradesh High Court, held as unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x Act, there is no occasion to refer to the Companies Act, 1956, at all. For the foregoing reasons, Civil Appeals Nos. 4471 of 1995, 4472 of 1995 and Civil Appeals Nos. 180-181 (NT) of 1995 filed by (1) Surana Steels Pvt. Ltd., (2) V. V. Trans-Investment (P.) Ltd., Hyderabad, and (3) Binjusaria Metal Box Co. Ltd., Hyderabad, respectively, are allowed. The order under appeal passed by the High Co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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