REGENT COMPUTRONICS PVT. LTD.

MATHURADAS Appellant

V/S

COMMISSIONER OF INCOME TAX Respondents

Referred Judgements :-

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JUDGEMENT

(1.) THIS is an application under s. 66(2) of the Indian IT Act requesting this Court to require the Tribunal, Bombay, to state the case and refer it to this Court. The Tribunal declined to refer the case on a petition of the applicant under s. 66(1) of the Indian IT Act.

(2.) THE short facts of the case are that the applicant (assessee) suffered a loss of Rs. 25,059 from the sale of two blocks of securities in the account year relevant to the asst. yr. 1941-42 and sought to deduct this loss from his income. The ITO declined to deduct this loss which in his opinion was capital loss. The AAC took the view that the securities were stock-in-trade. The Tribunal reversed the order of the AAC and restored that of the ITO.

(3.) ACCORDING to the Tribunal the question whether the securities were investment or stock -in -trade was a question of fact and hence they declined to refer the questions framed by the assessee for the opinion of this Court. These questions are :

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MATHURADAS Vs. COMMISSIONER OF INCOME TAX

Referred Judgements :-

JUDGEMENT

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