Income Tax, Delhi Vs. Jindal Equip. Leas.& Consult. Service Ltd.  INSC
112 (19 January 2010)
APPELLATE JURISDICTION CIVIL APPEAL NO.4596 OF 2003 Commissioner of Income Tax,
Delhi ...Appellant(s) Versus Jindal Equipment Leasing and ...Respondent(s)
Consultancy Service Limited With Civil Appeal No.4597/2003 and Civil Appeal
No.567/2010 @ S.L.P. (C) No.8367/2009
O R D E R
learned counsel on both sides.
granted in the special leave petition.
gone through the matter at length, we are not satisfied with the manner in
which the High Court had disposed of the Income Tax Appeals filed by the
Department under Section 260-A of the Income Tax Act, 1961. In the
circumstances, we are required to remit the cases to the High Court for de novo
consideration in accordance with law.
sake of clarity, we would like to frame the question in these cases, which is
on the facts and circumstances of this case, the Tribunal was justified in
directing the Assessing Officer to allow deduction of the losses at Rs.111/-
per NCD as a business loss?"
connection, the High Court will also consider the effect of the assessee(s)
retaining the detachable warrant and, if that is taken into account, whether
there would be, at all, a trading loss? It is the case of the Department,
before us, which is, of course, disputed by the assessee(s) that the High Court
has failed to notice the market value of the shares at the time of issue of
NCD. We express no opinion on the merits of the case. We expect the High Court
to answer the above question in accordance with law.
civil appeals are disposed of with no order as to costs.
January 19, 2010.