2007 (8) TMI 709

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Income-tax Appellate Tribunal, Delhi Bench 'C' in ITA No. 1818/Delhi/2000 with ITA No. 1794/Delhi/2001 relevant for the assessment years 1996-97 and 1997-98. 2. The assessee had purchased 95,000 shares of M/s. Jai Prakash Industries Ltd. (JPIL) in 1990-91. Subsequently, on the basis of its holding, the assessee was issued some rights shares. In 1993-94, the assessee purchased another 20,000 sha....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the opinion expressed by it. The assessee held the shares as an investment and there is nothing to show that the investment was converted into stock-in-trade of the business of the assessee. In fact, the business of the assessee appears to have been that of running a restaurant. It is true that one of the objects mentioned in the Memorandum of Association is with respect to buying and selling of ....