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2. The assessee-company is engaged in manufacture of biscuits under the brand name of Parle-G, Krackjack, Monaco, Nimkin etc., In respect of previous year relevant to the assessment year 2005-2006 it declared total income of Rs.106.27 crores. During the course of scrutiny, the Assessing Officer noticed that the assessee claimed long term and short term capital loss on maturity of tax free bonds of IRFC, RECL, HUDCO, KRCL and IDBI etc., All these bonds were tax free interest bearing bonds which have been redeemed at face value during the year of maturity though some of those bonds were purchased in the open market at a price above the face value.

Order pronounced on this the 22nd day of March, 2010. 

          Sd/-                                                               Sd/-
   (A.L.GEHLOT)                                                        (D.MANMOHAN)
ACCOUNTANT MEMBER                                                      VICE PRESIDET

Mumbai, Dated 22nd March, 2010

VBP/-

Copy to

1. DCIT, C.C. 25, Room No. 404, 4th Floor, Aayakar Bhavan, M.K. Road, Mumbai - 020.

2. M/s. Parle Biscuits Pvt. Ltd. North Level Crossing, Vile Parle (E), Mumbai - 57. PAN AAACP-0485-D