COMMNR. OF INCOME TAX, DELHI vs JINDAL EQUIP.LEAS.& CONSULT.SERVICE LTD.

The Supreme Court remitted the cases to the High Court for de novo consideration regarding the justification of the Tribunal's directive to the Assessing Officer for allowing a deduction of losses at Rs.111/- per NCD as a business loss. The Court framed the question of whether the assessee retaining the detachable warrant affects the determination of a trading loss, emphasizing the need for the High Court to consider the market value of shares at the time of the NCD's issue. The Court expressed no opinion on the merits and disposed of the civil appeals with no order as to costs.