IN THE HIGH COURT OF DELHI AT NEW DELHI 
 . 
         ITA 1326/2006  
 . 
 C.I.T                                                    ..... Appellant 
 Through 
 Mr.J.R.Goel, Advocate 
 versus 
 ABHINANDAN INVESTMENTS LTD      ..... Respondent 
 Through 
 Mr.P.K.Mittal, Advocate 
 . 
 CORAM: 
 HON'BLE MR. JUSTICE VIKRAMAJIT SEN 
 HON'BLE DR. JUSTICE S. MURALIDHAR 
 . 
 . 
 O R D E R 
                             24.11.2006 
 Heard. 
 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. 
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 VIKRAMAJIT SEN, J 
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 S. MURALIDHAR, J 
 NOVEMBER 24, 2006 
 nj 
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 ITA 1326/2006                                          Page 2 of 2 
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