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TMI Blog2006 (9) TMI 131X X X X Extracts X X X X X X X X Extracts X X X X ..... d, The appellant had held some 40,50,000 shares of an Indian company named Clariant (India) Limited. During the assessment year 1998-99, it transferred this entire lot of shares and claimed the capital loss of Rs. 43,29,28,296. This claim of the appellant has been disallowed. The matter was carried up to the Income-tax Appellate Tribunal which dismissed the appeal filed by the appellant by its jud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... discussion at all as to how the penal interest would become payable and the reliance on the judgment in Ghaswala's case [2001] 252 ITR 1 (SC) is totally misplaced. As far as the reliance on section 48 is concerned, he points out that indexation has been provided, principally as a method of finding out what will be the cost of acquisition for Indian buyers as a sort of yardstick which would not be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 55(2)(b)(i) of the Act to adopt the fair market value of shares as on April 1, 1981, as the cost of acquisition of such shares when computing the capital gain/loss arising on the transfer of the said shares? (ii) VVhether the Tribunal erred in holding that the first proviso to section 48 of the Act was charging section and therefore erred in holding that section 55(2)(b)(i) of the Act was not a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as there is no appropriate discussion on both these aspects, we allow this appeal, set aside the order dated April 15, 2004 passed by the Income-tax Appellate Tribunal, Mumbai and revive the appeal to the file of the Tribunal for determination on both these aspects. Independent of what is stated above, we do not express any opinion on the merits of the controversy and submissions of both the part ..... X X X X Extracts X X X X X X X X Extracts X X X X
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