TMI Blog2007 (8) TMI 709X X X X Extracts X X X X X X X X Extracts X X X X ..... with ITA No. 1794/Delhi/2001 relevant for the assessment years 1996-97 and 1997-98. 2. The assessee had purchased 95,000 shares of M/s. Jai Prakash Industries Ltd. (JPIL) in 1990-91. Subsequently, on the basis of its holding, the assessee was issued some rights shares. In 1993-94, the assessee purchased another 20,000 shares of M/s. JPIL. 3. The shares held by the assessee were then sold by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nvestment and there is nothing to show that the investment was converted into stock-in-trade of the business of the assessee. In fact, the business of the assessee appears to have been that of running a restaurant. It is true that one of the objects mentioned in the Memorandum of Association is with respect to buying and selling of shares but that was neither the business of the assessee nor is th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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