Law:

Section:

Section 256, read with Section 2(13) of the Income-tax Act, 1961 - Reference - Question of fact - Whether any question of law arose from tribunal's finding that assessee was holding securities as its stock-in-trade - held, no FACTS In view of various facts relating to the deposits, cash and bank balances and other fluid resources of the assessee, the Tribunal held that the securities held by the assessee were its stock-in-trade and not by way of investment of its surplus funds. It also declined the revenue's application under section 256(1). On an application under section 256(2): HELD In view of the decision of the Supreme Court in CIT v. Associated Industrial Development Co. (P.) Ltd. [1971] 82 ITR 586, holding that the question as to whether a particular holding of shares is by way of investment or forms part of stock-in-trade of the assessee is a question of fact, no question of law arose from the Tribunal's order. CASE REVIEW CIT v. Associated Industrial Development Co. (P.) Ltd. [1971] 82 ITR 586 (SC) followed and relied upon. CASES REFERRED TO CIT v. Associated Industrial Development Co. (P.) Ltd . [1971] 82 ITR 586 (SC). R.N. Surolia for the Appellant. S.M. Mehta for the Respondent. JUDGMENT 1. The Addl. Commissioner, Rajasthan, has moved these applications under section 256(2) of the Income-tax Act, 1961 ('the Act'), for directing the 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 6-5-1972, passed in IT Appeal Nos. 1886, 1887, 1888 and 4499 of 1970-71 for the assessment years 1962-63, 1963- 64, 1964-65 and 1965-66: "Whether, the Tribunal had any material to come to the conclusion that the assessee was holding the securities as its stock-in-trade?" 2. The Addl. Commissioner had first moved an application before the Tribunal under section 256(1) requiring the Tribunal to refer the following question: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the securities were held by the assessee as stock-in-trade and the same were exempt from tax?" 3. According to the Tribunal, the question proposed by the Addl.…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492