1991 (9) TMI 16

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....6(1) of the Income-tax Act, 1961, for the assessment year 1984-85, the following question of law has been referred to this court " Whether the Income-tax Appellate Tribunal, on the facts and in the circumstances of the case, was justified in holding that the loss on sale of investments of Rs. 54,982 is not allowable in computing the income of the assessee and/or treated as application of income....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s an expenditure. It has also been held that the said loss was incurred not on revenue account but on capital account. The Tribunal has also taken the view that the circumstances that the assessee sold the shares with a view to conforming to the provisions of the amended section 13(1)(d) of the Income-tax Act, 1961, cannot be conclusive of the matter. The order of the Appellate Assistant Commissio....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... assessee has drawn our attention to decision of this court in 1. T. Ref. No. 62 of 1990 (Director of Income-tax (Exemption) v. Girdharilal Shewnarain Tantia Trust) [1993] 199 ITR 215, where the judgment was delivered on June 25, 1991. In that case, we have held that in considering the income of the trust, only the real income has to be taken into account. In that case, the question was of allowin....