IN HIGH COURT OF DELHI AT NEW DELHI ITA 626/2005 COMMISSIONER OF INCOME TAX, DELHI-II .... Appellant Through: Ms. Vibhooti Malhotra, Advocate. versus LIQUID INVESTMENT & TRADING CO. .... Respondent Through: Ms. Kavita Jha and Mr. Bhuwan Dhoopar, Advocates. CORAM: JUSTICE S.MURALIDHAR JUSTICE PRATHIBA M. SINGH ORDER 04.09.2017 1. This is appeal under Section 260A of Income Tax Act, 1961 by Revenue directed against order dated 3rd December, 2004 passed by Income Tax Appellate Tribunal ( ITAT ) in ITA No.1493/Del/2004 for Assessment Year 1996-97. 2. While admitting this appeal on 5th September, 2005, following question of law was framed: "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. It is not in dispute that said question of law stands answered against Revenue and in favour of Assessee by order dated 22nd September, 2016 of this Court in ITA No. 595/2004 (CIT v. Mohair Investment & Trading Co.). Accordingly, question framed is answered in affirmative i.e. against Revenue and in favour of Assessee. 4. appeal is dismissed. S. MURALIDHAR, J. PRATHIBA M. SINGH, J. SEPTEMBER 04, 2017 dk Commissioner of Income-tax, Delhi-II v. Liquid investment & Trading Co