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TMI Blog2015 (4) TMI 843X X X X Extracts X X X X X X X X Extracts X X X X ..... ting of loans both secured and unsecured. Out of the aforesaid sum about ₹ 2.55 crores were invested in fixed assets comprising of furniture and fixture, office equipment, motor car, equipments given on lease, heavy vehicles given on lease, bottles given on lease and a scooter, about ₹ 52 lakhs were invested in shares and debentures, about ₹ 3.67 crores is invested in inventories consisting of investment in shares and hire purchase transactions; about a sum of ₹ 1.46 crores is receivable on account of lease, hire purchase and others, and a sum of ₹ 5.45 crores were invested in loans and advances both secured and unsecured, part of which has also been lent to the subsidiary referred in the judgment of the learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the expense incurred by the assessee in procuring cash by way of issue of share capital was not deductible business and revenue expenditure? 4)If the Question No.2 is answered in the affirmative, but the Question No.3 is answered in the negative, whether on the facts and in the circumstances of the case the finding of the Tribunal that the cash procured by issue of share capital could not be held to be conversion of Capital into stock-in-trade was justified in law and not perverse ? 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the question as regards the nature of business pursued by the assesse the business of a subsidiary of the assessee may not be a relevant consideration. But the learned Tribunal does not appear to suggest that the assessee itself is engaged in the real estate business. The assessee was interested in contending that it is engaged in the business of borrowing and lending money. Therefore, money was its stock-in-trade. The learned Tribunal has repelled the contention that the money was its stock-in-trade. Mr. Murarka submits that the aforesaid finding is perverse. We are unable to accept his submission. Mr. Murarka has made over to us a copy of the 23rd Annual Report consisting of the statement of accounts of the financial year 1993- 1994 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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