TMI Blog2007 (7) TMI 37X X X X Extracts X X X X X X X X Extracts X X X X ..... fit or an adventure in nature of trade - Civil Appeal Nos. 2953 and 2954 of 2007 - - - Dated:- 11-7-2007 - ORDER 1 Leave granted. 2 On February 7, 2001, the appellants herein invested a sum of Rs. one crore for purchasing units of J. M. Mutual Fund. For the said purpose they invested a sum of Rs. 5 lakhs and borrowed the rest of the amount, namely, Rs. 95 lakhs. On February 10, 2001, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red by the assessee. 5 The contentions raised before us by Mr. S. Ganesh, learned senior counsel appearing on behalf of the appellants are that the Tribunal and consequently the High Court committed a manifest error in so far as they failed to take into consideration; (i) that the appellants had a clear intention to earn profit as the amount of dividend earned by them should have been taken in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o furnish details of purchase and sale of securities/shares effected in subsequent years which had been complied with. The Tribunal, unfortunately, in its impugned judgment had not taken into consideration the said fact. 7 In view of the judgment of this court in G. Venkataswami Naidu and Co.' one of the tests which is applicable for the purpose of arriving at a finding whether the transa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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