COMMISSIONER OF INCOME TAX DELHI IV vs. ESCORTS ASSET MANAGEMENT LTD.

IN THE HIGH COURT OF DELHI AT NEW DELHI . 16.01.2009 Present: Mr R.D. Jolly, with Ms Rani Kiyala, Advocates for the Appellant. . . + ITA No. 1434/2008 . The concurrent findings of fact that the assessee held the shares as investments and that it was not engaged in the business of sale of shares of other companies. Furthermore, the loss suffered on the sale of investments were treated as long-term capital loss of investments. The CIT(A) as well as the ITAT was, therefore, correct in holding that the explanation to Section 73 of Income Tax Act, 1961 was not attracted. No substantial question of law arises for consideration of this Court. Hence the appeal is dismissed. . VIKRAMAJIT SEN, J. . . . RAJIV SHAKDHER, J. JANUARY 16, 2009 kk . . 2