SETH BANARSI DAS GUPTA Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) In this reference the following two questions of law have been referred for the opinion of this court: '1. Whether, on the facts and in the circumstances of the case, depreciation is allowable on the 1/6th share in S. B. Sugar Mills, Bijnor, which the assessee had acquired from Seth Shiv Prasad ?

(2.) WHETHER , on the facts and in the circumstances of the case, the Tribunal was justified in holding that the loss of Rs. 3,90,750 arising on sales of shares of M/s. Jaswant Sugar Mills Ltd. was loss of capital nature ?' 2. So far as question No. 1 is concerned, it is concluded by the decision of this court in Seth Banarsi Das Gupta v. Commissioner of Income -tax : [1971]81ITR170(All) , a case of this very assessee, but for a different assessment year. Counsel for the assessee has not been able to persuade us that the aforesaid decision needs reconsideration or that the principle laid down in this decision is not applicable to the present case.

(3.) THE Tribunal found that the assessee was not a dealer in shares and that the said shares of Jaswant Sugar Mills Ltd. were acquired as an investment by the assessee -family. The assessre did not adduce any evidence to show that it sold the shares as stock -in -trade.