2001 (2) TMI 87

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..... following question has been referred for the opinion of this court under section 256(1) of the Income-tax Act, 1961 (in short "the Act"), by the Income-tax Appellate Tribunal, Delhi Bench "C", Delhi (in short, "the Tribunal"): "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in allowing the sum of Rs. 2,62,658 as a short term capital loss in the assessment y .....

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..... notice. Learned counsel for the Revenue submitted that the Commissioner of Income-tax (Appeals) had made an elaborate analysis of the factual position to hold that the assessment year 1974-75 was the appropriate assessment year in which the adjustment was to be made. We find that the Tribunal has taken note of the factual aspects in detail to hold that the assessment year 1975-76 would be the a .....

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