https://www.taxtmi.com/caselaws?id=20182 Whether shares and units were held as stock-in-trade was treated as a factual determination based on appreciation of evidence, not a referable question of law under the Income-tax Act. Income from Government securities or analogous investments held as stock-in-trade by a co-operative society was regarded as qualifying for exemption under section 80P(2) under settled precedent. Since the proposed exemption issue was already governed by that position, it did not warrant a fresh reference. Both applications for reference failed because the questions were either factual or settled by precedent. en-us Wed, 23 Feb 1994 00:00:00 +0530 Thu, 12 Nov 2009 12:51:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20182 Whether shares and units were held as stock-in-trade was treated as a factual determination based on appreciation of evidence, not a referable question of law under the Income-tax Act. Income from Government securities or analogous investments held as stock-in-trade by a co-operative society was regarded as qualifying for exemption under section 80P(2) under settled precedent. Since the proposed exemption issue was already governed by that position, it did not warrant a fresh reference. Both applications for reference failed because the questions were either factual or settled by precedent. Case-Laws Income Tax Wed, 23 Feb 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20182