C.I.T. VS. Ram Kumar Aggrawal

Extract

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C.I.T. VS. Ram Kumar Aggrawal

PETITIONER: C.I.T.

Vs.

RESPONDENT: RAM KUMAR AGGRAWAL

DATE OF JUDGMENT02/11/1993

BENCH: JEEVAN REDDY, B.P. (J)

BENCH: JEEVAN REDDY, B.P. (J)

BHARUCHA S.P. (J)

CITATION: 1994 SCC (1) 201 JT 1993 (6) 290 1993 SCALE (4)320

ACT: JUDGMENT: The Judgment of the Court was delivered by B.P. JEEVAN REDDY, J.- This appeal arises from the judgment of a Division Bench of the Calcutta High Court answering the questions referred to it in favour of the assessee and against the Revenue. The assessment year concerned herein is 1956-57. The three questions referred at the instance of Revenue, for the opinion of the High Court are: "(1) Whether on the facts and in the circumstances of the case, the Tribunal was justified in investigating the nature of the shares held by the assessee in Chrestian Mica Co. Ltd. when both the assessee and the Income Tax Authorities had treated them as the stock- in-trade of the assessee as a dealer in share for every assessment yea...

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