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2016 (8) TMI 266 - HC - Income TaxRevision u/s 263 - Commissioner had held that the shares sold were stock-in-trade and not investment - Held that:- In the present case, the shares and securities were acquired much earlier and all throughout they were treated as stockintrade. It was only on 31.03.1993, viz. when Resolution was passed by the Board of Directors of the assessee company, that they were converted into investment. Therefore, for the purpose of the Act, the relevant date shall be the date on which the asset was acquired, which is 31.03.1993. The Assessing Officer completely lost sight of the aforesaid relevant aspect while passing the assessment order, which was corrected by the CIT(A) in proceedings u/s.263 of the Act and rightly affirmed by the Tribunal. In view of the aforesaid discussion, both the questions are answered in favour of the Revenue and against the assessee.
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