TMI Blog2008 (1) TMI 580X X X X Extracts X X X X X X X X Extracts X X X X ..... icals P. Ltd. which had been acquired on July 1, 1977, to another wholly owned subsidiary company. The assessee worked out capital gains and claimed the said capital gains to be wholly exempt from tax under section 47(iv) of the Act. The claim of the assessee was negatived by the Officer on the ground that the assessee had been carrying on the business of purchasing and selling shares. The assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act"): "Whether, the Appellate Tribunal is right in law and on facts in deleting the addition of Rs. 1,85,93,546 holding that the amount in question represented capital gains and the said capital gains was exempt under section 47(iv) of the Income-tax Act?" 2. The assessment year is 1979-80 and the relevant accounting period is the financial year ended March 31, 1979. The assessee-company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he stand of the assessee on the basis: (i) in the assessment order for the assessment year 1978-79 the Assessing Officer had taxed the profit on sale of investment as capital gains and not as business profit; (ii) the Assessing Officer rejected the claim of the assessee regarding investment being stock in trade; (iii) in the earlier assessment year the profit or loss were treated as capital gains ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r section 256(2) of the Act and vide order dated April 16, 1990, the application was rejected refusing to direct the Tribunal to raise and refer any question of law, either as proposed or otherwise. In the fact situation when on similar facts the issue stands concluded in favour of one assessee and there is nothing on record to suggest that the aforesaid order dated April 16, 1990, in the case of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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