9911796707
TMI Blog1982 (3) TMI 107X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. Rs. Gold -- Consideration 66,940 -- Cost 19,712 47,228 2100, shares of Deepak Nitrate Ltd. -- Consideration 5,70,000 -- Cost 2,10,000 3,60,000 2,000 shares of Sodium Metal (P.) Ltd. -- Consideration 40,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4,12,228 ----------------- 40 per cent of gain 1,60,890 According to the department, the deduction is allowable at 40 per cent of the amount arrived at after setting off the loss from the sale of the shares of Sodium Metal (P.) Ltd. against the total amount of the capital gain. The ITO determined accordingly the deduction allowable at Rs. 96,890 as below: Rs. Gain from sale of shares of Deepak Nitrate Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion. 4. The Commissioner (Appeals), in his order, has not specifically dealt with the arguments which had been advanced before him on behalf of the assessee. He has felt that it was not necessary to do so because the learned representative of the assessee, who appeared before him, had not disputed that there was only one decision of the High Court on the point at issue, that the said decision was in favour of the revenue and the said learned representative of the assessee had not supplied the Commissioner (Appeals) with a copy of the said decision. The Commissioner (Appeals) has not indicated the identity of the relevant decision. From the grounds of appeal, it would appear that the decision in question was the decision of the Kerala Hig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s a conflict in the views taken by the High Courts. Moreover, many of these decisions purport to derive support from decisions of the Supreme Court in the cases or Cambay Electric Supply Industrial Co. Ltd. v. CIT [1978] 113 ITR 84 and Cloth Traders (P.) Ltd. v. Addl. CIT [1980] 118 ITR 243, as the case may be, and as and when these decisions become available. Indeed, the Madras High Court decided the issue in favour of the revenue, deriving inspiration from the decisions in the case of Cambay Electric Supply Industrial Co. Ltd., in the case of CIT v. M. Seshasayee [1981] 129 ITR 166 (Mad.), whereas it decided the issue in favour of the assessee later in the case of V. Venkatachalam deriving support from the decision in the case of Cloth Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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