1984 (3) TMI 2

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....ax, Rajasthan, Jaipur, has moved these applications under section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for directing the Income-tax Appellate Tribunal, Jaipur, to state the case and refer to this court for opinion the following question of law arising out of its consolidated order dated May 6, 1972, passed in Income-tax Appeals Nos. 1886, 1887, 1888 and 4499 o....

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.... the case, the Tribunal was right in holding that the securities were held by the assessee as its stock-in-trade. 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the income from such securities was exempt from tax?" The Tribunal by its order dated October 9, 1972, held that the first part of the question referred to above, namely, whether....

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....ct of first part of the question above referred, the Additional Commissioner of Income-tax has filed this application. We have heard Shri R. N. Surolia, the learned counsel for the Department, and Shri S. M, Mehta, the learned counsel for the assessee, and we have also carefully perused the order passed by the Appellate Assistant Commissioner and the Tribunal in the appeals filed by the assesse....