TaxTMI 
TaxTMI 
2001 (10) TMI 54
X X X X Extracts X X X X
X X X X Extracts X X X X
....lication by the Commissioner under section 256(2) of the Income-tax Act, 1961, relates to the assessment year 1985-86. The application is at the instance of the assessee. The assessee has claimed a loss of Rs.86,055 on account of transacting in shares of private limited companies by treating those shares to be stock-in-trade. The assessing authority has computed the income of the assessee by delet....
X X X X Extracts X X X X
X X X X Extracts X X X X
....imited companies but aggrieved by the order of the assessing authority in respect of the loss arising out of the dealings in the shares of private limited companies in second appeal before the Tribunal, the issue was confined as far as the assessee was concerned on account of dis allowance of loss of Rs.86,055 in respect of the transactions of shares of private limited companies. That part of the ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ike application for earlier years has been rejected by holding that the question whether a particular asset is a stock-in-trade or a capital investment is a question of fact and does not give rise to question of law. This has led to the filing of this application under section 256(2) by the Commissioner of Income-tax. We have heard learned counsel for the parties. It is true, whether a particular....