Punjab-Haryana High Court
The Commissioner Of Income Tax-I vs M/S Punjab State Industrial ... on 19 October, 2011
Bench: Hemant Gupta, G.S.Sandhawalia
ITA No.280 of 2011 1
IN THE HIGH COURT OF PUNJAB AND HARYANA AT
CHANDIGARH
ITA No.280 of 2011
Date of decision :19.10.2011
The Commissioner of Income Tax-I, Chandigarh
...Appellant
Versus
M/s Punjab State Industrial Development Corporation Ltd. Udyog
Ltd., Sector 17, Chandigarh
...Respondent
CORAM: HON'BLE MR. JUSTICE HEMANT GUPTA
HON'BLE MR. JUSTICE G.S.SANDHAWALIA
Present: Ms.Urvashi Dhugga, Advocate for the appellant.
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HEMANT GUPTA J. (Oral)
The Revenue has claimed the following substantial question of law:
"Whether the Hon'ble ITAT was right in law in holding that the sale of investment in various equities/shares was to be treated as long term capital gain when the main business of the assessee was to provide financial support to various industries/business concerns through investments in equity to earn profit from the same."
Learned Income Tax Appellate Tribunal has, in the order under appeal (Annexure A3), relied upon the judgment of this Court in petitioner's own case relating to assessment year 1991-92 and 1992-93, i.e., in ITR No.20 of 2000 decided on 30.09.2010. The petitioner has also relied upon the judgment of special Bench of the Tribunal relating to assessment year ITA No.280 of 2011 2 1994- 95, 1995-96 and 1997-98 dated 24.04.2006. The Income Tax Appeal against the said orders along with three other connected matters have been decided on 18.07.2011. The question of law raised in the present appeal was the question of law raised in the aforesaid appeals and have been decided against the Revenue.
In view of the said fact, no substantial question of law arises for our consideration.
Dismissed.
(HEMANT GUPTA) JUDGE (G.S.SANDHAWALIA) JUDGE 19.10.2011 sailesh