2017 (5) TMI 300

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....#39;ble Ravindra Nath Mishra-II, JJ. For Appellant : Alok Mathur For Respondent : Namit Sharma ORDER 1. Heard Shri Alok Mathur, learned counsel for appellant and Shri Namit Sharma, learned counsel for respondent. 2. From the common Judgment of Income Tax Appellate Tribunal, Lucknow Bench, Lucknow (hereinafter referred to as " Tribunal") dated 07.07.05 relates to different Assessment....

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.... (i) Whether on the facts and in the circumstances of the learned ITAT was justified in upholding the said conversion merely because it is allowed under the provisions of law without considering the connected facts that the shares were allegedly converted onto stock in trade, sold to the company having the son of the assessee as Director, at a huge loss. (ii) Whether on the fact and in....

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....ingh & Company a group partnership concerned and by way of capital gains. Assesses hold certain share of M/s Jay Prakash Industrial Limited, Jay Prakash Enterprises Limited and J.P. Hotel Limited. These shares were held as investment. 5. On 01.01.1990 Assesses, by way of declaration converted investment into stock in trade. Assessing Officer held that transfer of share has resulted in profit an....