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TMI Blog2008 (9) TMI 502X X X X Extracts X X X X X X X X Extracts X X X X ..... rent investments. The current investments were held as stock-in-trade and so the profit on sale was calculated without indexation while the long-term capital gains on the fixed investment was calculated after indexing the cost of the shares by the Assessing Officer. Commissioner (Appeals) held that the current investments were also to be treated as investment and not as stok in trade, and the loss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... right in not considering the specific ground raised by the Revenue on the issue of treatment of consideration received for sale of shares classified as current investments, whether as business income or capital gains? 2. The facts culled out from the memorandum of grounds are as follows: "(i) The relevant assessment year is 1999-2000. The assessee is a company, filed its return of income on D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me-tax (Appeals), filed an appeal before the Income-tax Appellate Tribunal. The Tribunal, by the order impugned has decided the issue in favour of the assessee." 3. One of the grounds on which the present appeal is filed is that the Tribunal has totally lost sight of, of the ground Nos. 5 to 5.2 on the issue of treatment of current investments, which has not at all been adjudicated. 4. We have ..... X X X X Extracts X X X X X X X X Extracts X X X X
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