COMMISSIONER OF INCOME TAX Vs. RAMKRISHNA BAJAJ (HUF)

JUDGEMENT

(1.) ALL these applications are filed by the Revenue under s. 256(2) of the IT Act, 1961 against the order of the Tribunal dt. of law under s. 256(1) of the Act. As the Tribunal has declined to forward the said questions of law, the present questions of law :

(2.) THE assessment year involved in all these applications is the asst. yr. 1982 -83.

(3.) THE basic question raised in these applications is, whether the conversion of shares of Bajaj Auto Limited held by the assessee as a capital asset into stock -in -trade was genuine and whether the Tribunal was justified in allowing the loss claimed by the assessee on the sale of these shares.