Case Law Details
CASE LAWS DETAILS
DECIDED BY: HIGH COURT OF PUNJAB & HARYANA, IN THE CASE OF: Porrits & Spencer (Asia) Ltd. Vs. CIT, APPEAL NO: ITA No. 10 of 2004 (O&M), DECIDED ON March 31, 2010
RELEVANT PARAGRAPH
1. The assessee-appellant has approached this Court by invoking Section 260A of the Income-tax Act,1961 (for brevity, `the Act’) challenging order dated 3.6.2003,passed by the Income Tax Appellate Tribunal, Delhi Bench “D ” ,Delhi (for brevity,`the Tribunal ‘),in ITA No. 1711 (Del)/97,in respect of Assessment Year 1991-92.The Tribunal has upheld the view taken by the Commissioner of Income Tax (Appeals), Faridabad, inasmuch as, it has not allowed the short term capital loss of Rs. 51,61,875/-incurred by the assessee-appellant on sale of units called as `US-64 ‘ .The instant appeal was admitted on the claim of the assessee-appellant on the following two substantive questions of law,which were framed on 1.3.2004:-
“(1)Whether the Tribunal was right in law in confirming that the loss of Rs.51,61,875/ -incurred on account of transactions of purchase and sale of 25 lacs units called `US-64 ‘ was speculative loss under Section 73 of the Income Tax Act and that the assessee was not entitled to set off in respect of the aforestated loss accordingly?
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