TUSHAR TANNA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) The sole question common to all the references is based on identical facts, arising out of common order passed by the Income Tax Appellate Tribunal, Mumbai, (The Tribunal' for short) for the A.Y. 1980-81, in relation to the assessees, who happened to be members of the same family. The question referred by the Tribunal for our opinion reads as under:

(2.) The facts in these references revolve around transaction which is practically identical in case of each assessee. The factual matrix of which is not in dispute. The consolidated facts narrated hereafter, taken from the statement of facts forwarded by the Tribunal, are as under:

(3.) Shri Tushar N. Tanna, HUF on 30.11.1978 entered into a contract for the purchase of 2% National Defence Gold Bonds 1980 ('NDG Bond' for short) worth 1300 gms of Gold at the rate of Rs. 640/- per 10 gms. The delivery of NDG Bonds was, however, not taken for quite some time. In the meantime, the price of NDG Bonds had shown upward trend in the market. Each of the five assessees in the circumstances, thought it better to opt for purchase of NDG Bonds.