Commissioner Of Income Tax vs Shri Chand Ratan Bagri on 20 January, 2010
8. We have considered the submissions of both the parties and carefully
gone through the material available on the record. In the present case, it is
noticed that the loss of Rs.2,00,20,000/- was claimed by the assessee as
business loss but the AO treated the same as a loss to be adjusted against
the capital gains. When the assessee preferred an appeal to the ld. CIT(A)
the claim of the assessee was allowed by reversing the view taken by the
AO in Appeal No. 68/2009-10 order dated 02.06.2010. Against the said
order of the ld. CIT(A) the department preferred an appeal to the ITAT in
ITA No. 4133/Del/2010 for the assessment year 2007-08 wherein vide
order dated 28.06.2012, the order of the ld. CIT(A) was upheld by
following the judgment of the Hon'ble Delhi High Court in the case of CIT
Vs Chand Ratan Bagri wherein it was held that 'forfeiture of convertible
warrants results in extinguishment of right of the assessee to obtain a share
4 ITA No. 5292/Del/2013
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