TMI Blog1982 (10) TMI 68X X X X Extracts X X X X X X X X Extracts X X X X ..... concluding that the loss incurred on sale of shares amounting to Rs. 1,11,358 was not a loss in speculation business. 2. The ITO included a sum of Rs. 1,11,358, being loss in share transaction, in the total income of the assessee without giving any reasons. 3. When the matter went up to the CIT(A) it was pointed out on behalf of the assessee that the principal business of the assessee-compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation of the incomes, derived by the assessee from various sources as also going through the provisions of ss. 104(4) and 109(iia) held that the business of purchase and sale of shares could not be treated as speculation business. He, therefore, directed the ITO to exclude the sum of Rs. 1,13,358 from the total income of assessee. Hence this appeal by the revenue. 4. Before us, the ld. departme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh the elaborate reasons given by the CIT(A) for coming to the conclusion that the business of the assessee was that of general finance and lending of money on interest. He invited our attention to the Memorandum of Association of the company to point out that one of the main objects, as mentioned in cl. (iv) was that the business of the assessee was that of general finance and lending of money on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Baroda) Pvt. Ltd. 1972 CTR (SC) 275 : (1972) 83 ITR 377 (SC) and Nawn Estate Private Ltd. vs. CIT 1977 CTR (SC) 19: (1977) 106 ITR 45 (SC), and it was submitted that the order of the CIT(A) should be upheld. 5. Having heard the submissions of both the parties and after considering the facts of the case we are of opinion that the order of the CIT (A) does require any interference. We see that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n goods or merchandise manufactured, produced or processed by a person other than the company. The significance of the word 'mainly' has been clarified further providing "and whose income attributable to such business included in its gross total income is not less than fifty-one per cent of the amount of such gross total income". Bearing this principle in mind and considering the facts of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X
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