COMMISSIONER OF INCOME TAX Vs. AGARWAL AND CO

JUDGEMENT

(1.) IN this reference under section 66(1) of the Indian Income -tax Act, 1922, two questions of law referred to us are as follows :

(2.) THE facts appear in the statement of the case.

(3.) HE ascertained that the market value of the shares on April 26, 1956, was Rs. 8,03,080. He held that the difference of Rs. 87,681 was capital gains of the assessee in respect of the shares and included this amount of Rs. 87,681 as income in computing the liability of the assessee -firm in respect of income -tax.