IN THE HIGH COURT OF DELHI AT NEW DELHI 
 . 
   01.11.2004 
.
 Present:        Mr J.R. Goel for the appellant. 
.
 +  ITA.No. 635/2004 
 * 
 Admit. 
 The following two questions of law are required to be determined by this court: 
 ‘‘1.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 incom 
 e from business? 
.
 2.Whether the Income Tax Appellate Tribunal was right in holding that the assesseee 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/inco 
 me earned by the assessee?’‘ 
 2.      The appellant shall file the paper books within a period of three months as per rules.  The matter be listed alongwith ITA.Nos.91/2002, 130/2001, 305/2002 and 3/2003.  Similar notes may be made in those matters. 
.
.
 CHIEF JUSTICE 
.
.
 BADAR DURREZ AHMED, J 
 November 01, 2004 
 M