TMI Blog1993 (2) TMI 67X X X X Extracts X X X X X X X X Extracts X X X X ..... ndent is the Revenue. The matter involved herein relates to the assessment year 1978-79 for which the previous year ended on June 30, 1977. During the accounting year relevant to the assessment year, the assessee had transferred certain shares of other companies held by it. The entire sale consideration was received by the assessee on June 29, 1977. The board of directors passed a resolution to tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me-tax Appellate Tribunal negatived the said plea. The Appellate Tribunal took the view that the shares are movable assets and, therefore, transfer thereof is guided by the Sale of Goods Act. It took place as and when possession was handed over to the transferee and consideration was received. The Appellate Tribunal relied upon the decision of the Supreme Court in Howrah Trading Co. Ltd v. CIT [19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of the Appellate Tribunal is dated October 29, 1985. The assessee filed an application under section 256(1) of the Income-tax Act, 1961, for referring the following question of law for the decision of this court : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that transfer of shares by the company took place during the previous year relevant to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is court. We heard counsel. We perused the appellate order passed by the Appellate Tribunal. The relevant dates are not in dispute. It is conceded that the company passed a resolution and the share certificates were delivered and consideration was also received during the accounting period relevant to the assessment year 1978-79. As between the transferor and the transferee, the transaction was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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