2013 (3) TMI 327

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..... the resolution passed by the company about investment. The finding recorded by the Tribunal that it was not a case of trade in buying and selling of gold bonds. Except one transaction of purchase and sale, there is no other transaction during the previous year - the finding recorded by the Tribunal is essentially a finding of fact - against the revenue. - Income Tax Reference No. - 147 of 1990 .....

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..... ee is a private limited investment company which came into existence as per certificate of incorporation dated 12th March, 1980. The assessee company received a gift of Rs.3,600 grams of gold bonds of National Defence Gold Bonds from one Shri N.K. Bajaj. The said gift was accepted by the company as capital receipt. In the previous year, the assessee company also purchased 3600 grams of gold bonds .....

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..... Chopra, learned counsel for the department and Sri S.D. Singh, learned counsel for the respondent assessee. The Tribunal recorded a finding that the intention of the assessee was not to trade in gold bonds. To arrive at that finding, the Tribunal has taken into consideration the audited accounts of the company and the annexures attached to the balance sheets. It also considered the resolution pass .....

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