TMI Blog2007 (4) TMI 214X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal dated August 10, 1994, in R.A. Nos. 173, 174, 175, 176 and 177/Nag/1994. The Revenue has raised as many as six questions of law under section 256(1) of the Act. As the Tribunal has declined to forward the said questions of law, the present applications are filed by the Revenue. All these applications were admitted on April 20, 1998, on the following questions of law: "1. Whether, on the fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss on sale of shares was the business loss and no capital gains arose out of the sale? 5. Whether, on the facts and in the circumstances of the case, the Tribunal misdirected itself in coming to a conclusion that the shares were converted into stock-in-trade and the conversion so made was genuine and proper? 6. Whether, on the facts and in the circumstances of the case, the Tribunal was justif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e heard together and are disposed of by this common judgment. For the sake of convenience we set out the facts from I.T.A. No. 18 of 1995. In this case, the respondent Ramkrishna Bajaj (HUF), had owned 3148 shares of Bajaj Auto Limited and the said shares were held as capital asset. On July 24, 1981, the assessee had converted 2500 shares into stock-in-trade. The book value of these shares was Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... claimed by the assessee and treated the 2500 shares of Bajaj Auto Limited sold by the assessee as a capital asset and treated the differential amount as capital gains. Being aggrieved by the aforesaid order, the assessee filed appeals before the Commissioner of Income-tax (Appeals). The Commissioner of Income-tax (Appeals) upheld the order passed by the Assessing Officer. On further appeal filed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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