2008 (8) TMI 1048

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..... . Shilpa Singh, K. C. Pandey, Sunil Roy, B. V. Balaram Das and B. Krishna Prasad, Advocates, with him) For the Respondent : N. Venkataraman, Senior Advocate, (V. N. Raghupathy, J. D. Mistry, B. D. Damodar, Rustom B. Hathikhanawala, Samir Parekh, Sumil Goel and Miss Divya Sinha, Advocates, for M/s. Parekh & Co., with him) ORDER The assessment year in question is 1982-83. The present appeal has .....

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..... the broken period on purchase of securities should not be considered as part of purchase price, but should be allowed as revenue expenditure in the year of purchase of securities? 3. Whether the High Court was right in law in holding that the interest on sticky advances credited to memorandum account was not taxable?" High Court has answered all these questions in the affirmative i.e. in .....

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..... judgment of this Court in the case of UCO Bank vs. CIT, reported in 237 ITR 889. Since, question No.3 has already been concluded against the revenue by a judgment of this Court in the case of UCO Bank (supra), we answer the same in the affirmative i.e. in favour of the assessee and against the revenue. Accordingly, this appeal is dismissed. Parties to bear their own costs.
Case laws, Decisi .....

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