TMI Blog2017 (1) TMI 1031X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax v. Walfort Share and Stock Brokers P. Ltd. reported in (2010 (7) TMI 15 - SUPREME COURT ) held that losses over and above the amount received as dividends still be allowed in a case where it was established that there was a sale and the assessee had received the dividend and the dividend was tax free. This question is, therefore, decided in favour of the assessee and against the department. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ORDER Heard Sri Gaurav Mahajan, learned Counsel for the department and Sri S.D. Singh, Senior Advocate assisted by Sri Vishwjeet, learned Counsel for the assessee. This is an appeal filed by the department under Section 260A of the Income Tax Act, 1961 against the order passed by the Income Tax Appellate Tribunal dated 13.02.2009 for the assessment year 2001-02. The questions of law sough ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the case and relying on the submission made by the assessee without adjudicating the issues held by AO in the assessment order ? Insofar as the question no.1 is concerned, this very issue has been dealt by Hon'ble Apex Court in the case of Commissioner of Income-Tax v. Walfort Share and Stock Brokers P. Ltd. reported in (2010) 326 ITR 1 (SC). The Apex Court has held that losses over and ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
