COMMISSIONER OF INCOME TAX Vs. ANOOP JAIN

JUDGEMENT

(1.) This is an appeal by the Revenue against the order dated 21st February, 2005 passed by the Income Tax Appellate Tribunal ("ITAT") in ITA Nos. 2959 & 3221/Del./1996 for the Assessment Year ("AY") 1992-93.

(2.) While admitting this appeal on 22nd August, 2007, the following question of law was framed for consideration:

(3.) The background facts are that the Respondent/Assessee is stated to be a member of the Delhi Stock Exchange ("DSE"), carrying on business in the name and style of M/s. Jain and Company. He is also stated to be an empanelled broker of financial institutions and funds like Unit Trust of India ("UTI"), Indian Bank Mutual Fund, Can Bank Mutual Fund, etc.