(1.) THIS is an appeal filed by the Revenue challenging the order of the Tribunal, which confirmed the order of the CIT(A) cancelling the assessment of short -term capital gain on the respondent assessee for the asst. yr. 1993 -94.
(2.) WE have heard Shri P.K.R. Menon, learned senior counsel appearing for the Revenue, and Shri K. Gopalakrishna Kurup, learned senior counsel appearing for the respondent assessee.
(3.) THE facts leading to the controversy are as follows :