S. RAVINDRA BHAT, J.

1. These three appeals involve common questions of law directed against a common order of the Income Tax Appellate Tribunal (ITAT) dated 05.06.2000. Initially, a Division Bench had decided the case on, 08.10.2001, reported in (2002) 254 ITR 0538 (Commissioner of Income Tax vs. Abhinandan Investments); it had ruled in favour of the assessee, holding that no substantial question of law arose. That judgment was challenged; the matter was sent back by remand, by the Supreme Court (in CA 4596/2003, decided on 19.01.2010) which, inter alia, framed a question of law, in the following terms:

“Whether, on the facts and circumstances of this case, the Tribunal was justified in directing the Assessing Officer to allow deduction of the losses at Rs.111/- per NCD as a business loss?"

2. The brief facts are that the assessee in ITA 25/2001 (hereafter “Abhinandan”) and assessee in ITA 26/2001 (hereafter “JELCS”) claimed a loss of Rs.111 per debenture on the sale of debentures of Jindal Iron and Steel Co (“JISCO”) to UTI. These assessees were shareholders of JISCO, which