https://www.taxtmi.com/caselaws?id=61246 Investment in Government securities and trustee securities was treated as part of the assessee's banking business and as stock-in-trade because such investments were found to be an essential incident of lawful banking operations. On that factual basis, the Tribunal concluded that the proposed reference did not raise any debatable or referable question of law. The matter therefore turned on the character of the securities in the hands of the assessee and the factual finding already recorded, rather than on a fresh legal controversy. en-us Thu, 24 Feb 1983 00:00:00 +0530 Tue, 11 Jan 2011 14:31:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61246 Investment in Government securities and trustee securities was treated as part of the assessee's banking business and as stock-in-trade because such investments were found to be an essential incident of lawful banking operations. On that factual basis, the Tribunal concluded that the proposed reference did not raise any debatable or referable question of law. The matter therefore turned on the character of the securities in the hands of the assessee and the factual finding already recorded, rather than on a fresh legal controversy. Case-Laws Income Tax Thu, 24 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61246