2016 (5) TMI 476

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..... .Dhudhoria,Advocate ORDER The Court : The appeal is directed against a judgement and order dated 13th October, 2006 passed by the learned Income Tax Appellate Tribunal, "D" Bench, Kolkata pertaining to the assessment year 2001-2002. Aggrieved by the order, the revenue has come up in appeal. The question formulated at the time of admission of the appeal reads as follows : "Whether on the facts .....

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..... as investments relied upon the following notes on accounts : "The notes on accounts for accounting policies mentions :- 'investment held by the company are long time in nature and are taken at cost' The assessing officer, however, ignored and/or refused to attach any importance to the further notes which is as follows : "The assessee added a note below the computation of income filed with t .....

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..... that the assessee is treating such investment in debentures as business asset, which was also accepted by the Department in the earlier assessment. Apart from the above facts, it is also an undisputed fact that the main activity of the assessee is dealing in charges and securities and the assessee has also sold such debentures of Spencer International Hotels Ltd in earlier years an offered the sam .....

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