2004 (8) TMI 41

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....e Constitution of India, the petitioner seeks a writ order or direction in the nature of certiorari calling for the records of the case and quashing the order dated March 21, 1997 passed by the Income-tax Settlement Commission, New Delhi, respondent No. 1 filed as annexure 1 to the writ petition and other consequential reliefs. Briefly stated the facts giving rise to the present petition are as....

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....come-tax Settlement Commission, by the impugned order had held that the profit arising out of the sale of silver in question should be assessed as business profit for the assessment year 1993-94 as the silver was stock-in-trade. We have heard Shri R.S. Agarwal, learned counsel for the petitioner, and Shri A.N. Mahajan, learned standing counsel for the Revenue. Shri A.N. Mahajan, learned counsel....

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....y-made silver chains manufactured by him which he exchanged for silver by other silver smiths. This position was conceded by Neeraj Jain, a member of the association of persons which carried on the business in the name of M/s. Ashok Kumar Goyal and others. The Commission, further found that the petitioner admittedly keep certain amount of stock of silver chains in anticipation for the orders of ma....