1989 (2) TMI 36

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.... been referred to this court by the Tribunal under section 256(1) of the Incometax Act, 1961 ("the Act"): "Whether, on the facts, and in the circumstances of the case, the Tribunal was right in holding that the sale of shares of Ganesh Sugar Mills Ltd., Samala Collieries Ltd. and Shri Anand Sugar Mills Ltd., was in the nature of business deals ?" This case has a little history. The relevant ....

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....ry statement of the case after considering the aforesaid aspects within six months from service of this order on the Tribunal. " The Tribunal has filed a supplementary statement of case in which arguments advanced on behalf of the Revenue as well as on behalf of the assessee have been recorded but the Tribunal stated that: "The certified order of the Hon'ble High Court was submitted before t....

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.... Commissioner that he had come to the conclusion "that the profit-motive is clearly patent in these transactions. Under these circumstances, I hold that the profit on the sale of the shares cannot be treated as capital profit and is rightly included in the total income as revenue profit on the sale of the shares." This finding of fact was not specifically challenged before the Tribunal and the ....