TMI Blog1986 (9) TMI 43X X X X Extracts X X X X X X X X Extracts X X X X ..... n view of this circumstance, the office is directed to register the above reference cases as D.B. Income-tax Reference Application Nos. 12 of 1977 and 12A of 1977. As both these cases arise out of a single order passed by the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, and identical questions of law arise in relation to both the assessment years, the same are disposed of by one single ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal dated March 31, 1976. The Tribunal has placed reliance on Kishan Prasad Co. v. CIT [1955] 27 ITR 49 (SC), in which it was held : " The circumstances whether a transaction is or is not within the company's powers has no bearing on the nature of the transaction, or on the question whether the profits arising therefrom are capital accretion or revenue income. " After considering the entire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by it for the time being. As such the income from such investment cannot be assessed as business income. The Tribunal has further held that such income would be assessable only under section 56 of the Income-tax Act, 1961. Mr. Sharma, learned counsel for the assessee was unable to show any authority taking a contrary view nor was he able to show any error in the order of the learned Tribunal. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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