TMI Blog1989 (2) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1961 ("the Act"): "Whether, on the facts, and in the circumstances of the case, the Tribunal was right in holding that the sale of shares of Ganesh Sugar Mills Ltd., Samala Collieries Ltd. and Shri Anand Sugar Mills Ltd., was in the nature of business deals ?" This case has a little history. The relevant assessment year involved in this reference is the assessment year 1956-57 and the corr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m service of this order on the Tribunal. " The Tribunal has filed a supplementary statement of case in which arguments advanced on behalf of the Revenue as well as on behalf of the assessee have been recorded but the Tribunal stated that: "The certified order of the Hon'ble High Court was submitted before the Tribunal by the assessee's counsel on August 11, 1987. The case was fixed for heari ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tent in these transactions. Under these circumstances, I hold that the profit on the sale of the shares cannot be treated as capital profit and is rightly included in the total income as revenue profit on the sale of the shares." This finding of fact was not specifically challenged before the Tribunal and the Tribunal was not called upon set aside the said finding. The Tribunal has come to its ..... X X X X Extracts X X X X X X X X Extracts X X X X
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