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1961 (4) TMI 7 - SC - Income TaxWhether the transaction is or is not an adventure in the nature of trade? Held that:- The contention that dealing in buying and selling of shares was not one of its objects is without substance. The Investigation Commission found that dealing in shares was within the objects of the assessee company and this is one circumstance in the totality of the circumstances which must be considered, though by itself it is not determinative of the question. All the circumstances lead to the inference which was rightly drawn by the Investigation Commission and by the High Court. The answer to the first part of the question referred by the Investigation Commission must therefore be in the affirmative. The constitutional question under article 14 of the Constitution cannot be raised in these proceedings because this court is exercising its advisory jurisdiction and its power is confined to the questions which arise in an appeal. Appeal dismissed.
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