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1957 (5) TMI 10 - SC - Income TaxWhether questions of law, if any, arise out of the order of the Appellate Tribunal? Held that:- As to what are the characteristics of the business of dealing in shares or that of an investor is a mixed question of fact and law. What is the legal effect of the facts found by the Tribunal and whether as a result the assessee can be termed a dealer or an investor is itself a question of law. The questions of law that arise out of the order of the Tribunal are : "(1) Whether there are any materials on the record to support the finding of the Income-tax Officer that the assessee company was a dealer in shares, securities and immovable property during the assessment year in question ? (2) Whether the profits and losses arising from the sale of shares, securities and immovable properties of the assessee company can be taxed as business profits ?" We would, therefore, allow this appeal, set aside the order of the High Court and remit the case to the High Court for directing the Tribunal to state a case on the aforesaid two questions. Appeal allowed. Case remanded.
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