IN HIGH COURT OF DELHI AT NEW DELHI R-50 ITA 264/2005 COMMISSIONER OF INCOME TAX DEL ..... Petitioner Through: Ms Akriti Dewan, Advocate for Mr Rahul Chaudhary, Senior Standing Counsel versus M/S. CHEMINVEST LTD. ..... Respondent Through: Ms Kavita Jha, Mr B. Dhoopar and Ms Roopali Gupta, Advocates CORAM: JUSTICE S.MURALIDHAR JUSTICE PRATHIBA M. SINGH ORDER 19.07.2017 1. This appeal by Revenue is directed against order dated 30 th July, 2004 passed by Income Tax Appellate Tribunal ( ITAT ) in ITA No. 3818/Del./03 for Assessment Year ( AY ) 1996 1997. 2. While admitting this appeal on 5th September, 2005, following question of law was framed by this Court: Whether Income Tax Appellate Tribunal was correct in law in not allocating any value to detachable warrant enclosed to Non Convertible Debentures which had entitled assessee to have right to subscribe to share of company at discounted rate?" 3. Court has been shown copy of order dated 22nd September, 2016 passed in ITA No. 595/2004 (Commissioner of Income Tax v. M/s Mohair ITA 264/2005 Page 1 of 2 Investment & Trad.C) in which identical question was framed and answered in favour of Assessee and against Revenue. 4. Accordingly, question framed is answered in affirmative i.e. in favour of Assessee and against Revenue. 5.The appeal is dismissed, but in circumstances, with no orders as to costs. S.MURALIDHAR, J PRATHIBA M. SINGH, J JULY 19, 2017 rd ITA 264/2005 Page 2 of 2 Commissioner of Income-tax, Delhi v. Cheminvest Ltd