https://www.taxtmi.com/caselaws?id=184010 The Appellate Tribunal's power under section 33(4) of the Income-tax Act, 1922 was confined to the appeal before it, so it could not record an adverse finding that shares were capital investments at a lower price and thereby support under-assessment or reopening under section 34 on a ground not arising from the appeal. That finding was therefore beyond jurisdiction and struck down. On the loss computation issue, the relevant purchase price was held to be the market value of Rs. 715 per share, not Rs. 1,100 per share, and the Revenue's position on that point was upheld. en-us Wed, 07 Mar 1956 00:00:00 +0530 Mon, 27 Jun 2016 18:22:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184010 The Appellate Tribunal's power under section 33(4) of the Income-tax Act, 1922 was confined to the appeal before it, so it could not record an adverse finding that shares were capital investments at a lower price and thereby support under-assessment or reopening under section 34 on a ground not arising from the appeal. That finding was therefore beyond jurisdiction and struck down. On the loss computation issue, the relevant purchase price was held to be the market value of Rs. 715 per share, not Rs. 1,100 per share, and the Revenue's position on that point was upheld. Case-Laws Income Tax Wed, 07 Mar 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184010