2009 (8) TMI 7

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..... assessee. JUDGMENT Adarsh Kumar Goel, J. - The Income Tax Appellate Tribunal, Chandigarh has referred following question of law in compliance of order of this Court dated 22.11.1996 in ITC Nos. 102, 110 of 1995, 45, 49 and 51 of 1996, arising out of ITA Nos.69/Chandi/90, 474/Chandi/90, 403/Chandi/90, 1288/Chandi/89 and 1371/Chandi/89:- "Whether, on the facts and in the circumstances of the cas .....

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..... at the shares on which dividend was received constituted stock-in-trade of the assessee. The Tribunal has taken a consistent view on this question in other cases and in the case of the assessee also, we intend to adopt the same view in as much as the facts are the same. However, the plea of the ld. Counsel that the shares on which dividend was received were not purchased from the borrowed funds is .....

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