1980 (5) TMI 61

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....registered as ITA No. 904 (Chandi)/1979 was filed by the ITO, C-wardFaridabadon11th Oct., 1979. The appeal in ITA No. 986 (Chandi)/1979 filed on17th Nov., 1979has been filed by the ITO, A-Ward Faridabad. Alongwith the second appeal an application for condonation of delay of 33 days has also been filed. The reason given is that when the CIT authorised the appeal to be filed by the ITO, C-Ward, it w....

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....6th Oct., 1979directed the ITO, C-Ward,Faridabadto file the appeal. Under this r. 15 of the Tribunal Rules 1963, in an appeal under sub-s (2) of s. 253, a certified copy of the order of the Commr. directing that an appeal be preferred, shall be appended to the memorandum of appeal. This certificate was properly enclosed with the Memorandum of appeal filed on11th Oct., 1979, the appeal filed on11th....

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....gains' on assets other than short term capital assets and directed that the said loss should be carried forward as such. 3. Aggrieved, the assessee filed an appeal to the AAC and submitted that the investment in shares was converted into stock-in-trade as on1st April, 1974. It was pointed out that for the asst. yr. 1975-76 a loss of Rs. 11,840 had already been allowed. It was also pleaded that ....

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....investments as stock-in-trade w.e.f.1st April, 1974. He pointed out that the assessee sold only those shares prices of which were falling in the market but did not sell those shares the price of which was rising. He also submitted that the method of calculating the loss was also not correct because from the sale proceeds the original cost was deducted. The ld. counsel for the assessee relied on th....