UNITED CREDIT LTD Vs. C I T

JUDGEMENT

(1.) THE Court:

(2.) MR . Murarka, learned advocate, appearing in support of the appeal submitted that the question nos. 3 and 4 as the questions themselves would suggest are dependent upon a favourable answer to question no.2. Therefore, the question no.2, according to him, is the most important question, which this Court has to decide. The question no.2, according to Mr. Murarka, is relatable to the following finding recorded by the learned Tribunal.

(3.) IN the light of these facts on record, the contention advanced on behalf of the assessee that it is mainly engaged in the business of advancing loans and the cash generated by way of enhancement of share capital is its stock -in -trade does not deserve serious consideration.