1971 (7) TMI 6

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....ision of the High Court of Punjab and Haryana in Income-tax Reference No. 7 of 1963. The question that was referred to the High Court for its opinion was " Did the Tribunal misdirect itself in law in coming to the finding that the loss of Rs. 4,80,988 arising from the sale of shares was not deductible from the profits of the company ? " The High Court agreeing with the Tribunal came to the conclus....

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....he Tribunal has taken into consideration irrelevant circumstances or failed to take into consideration the relevant circumstances. It is not said in this case that the Tribunal has taken into consideration any irrelevant circumstance or that it has failed to take into consideration any relevant circumstance. The main activity of the company was of manufacturing biscuits. Though its memorandum pe....