DCIT C.C. 25, MUMBAI vs. SKIL INFRASTRUCTURE LTD, MUMBAI

The Captioned appeal by revenue for Assessment Year [AY] 2005-06 assails the order of Ld. Commissioner of Income Tax (Appeals)-Central- V [CIT(A)], Mumbai dated 12/03/2009 qua computation of book profits u/s 115JB consequent to capital gains on sale of certain shares. The main issue under dispute is adjustment to book profits u/s 115JB vis-à- vis conversion of certain investments into stock-in-trade and capital gains / business income/loss arising there-from at the time of sale.

As per record, the assessee namely SKIL Infrastructure Limited has amalgamated with Horizon Infrastructure Ltd. w.e.f. 01/04/2011 as per order of Hon’ble Bombay High Court dated 27/09/2013, a copy of which has been placed before us. Thereafter, Horizon Infrastructure Ltd. has changed its name w.e.f. 22/01/2014 to SKIL Infrastructure Ltd. (CIN L36911MH1983PLC178299) vide fresh certificate of incorporation consequent upon change of name issued by