C.I.T vs. M/S ABHINANDAN INVESTMENTS LTD

Admit.

After hearing learned counsel for the parties, the following substantial questions of law are framed for determination:- ?(i)Whether the Income Tax Appellate Tribunal was right in holding that the sale consideration received by the assessee by transfer of shares and sale of rights entitlement of Partly Convertible Debentures (PCDs) is income from capital gains and not income from business? . (ii)Whether the Income Tax Appellate Tribunal was right in holding that the assessee had incurred loss on sale of its entitlement to acquire partly convertible debentures and the assessee is entitled to set off the alleged loss from the capital gains/income earned by the assessee? . . ITA 1326/2006 Page 1 of 2 Learned counsel for the Respondent states that a complete paper book shall be filed within three months in accordance with the High Court Rules.

In these circumstances, necessity of the Revenue for filing of paper- books is dispensed with.

List in due course. . . . . VIKRAMAJIT SEN, J . . . . S. MURALIDHAR, J NOVEMBER 24, 2006 nj . . . . . . . . . . . . ITA 1326/2006 Page 2 of 2 . 22