9911796707
TMI Blog1993 (4) TMI 308X X X X Extracts X X X X X X X X Extracts X X X X ..... MENT Mrs. Sujata Manohar, J. The present application under s. 256(2) of the IT Act, 1961 is at the instance of the Department for directing the Tribunal to state a case and raise and refer the following two questions to us for determination. These questions are as follows : "(1) Whether, on the facts and in the circumstances of the case the Tribunal was right in law in holding the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings before the Department have proceeded on the basis that there is no change in the circumstances. The respondent has produced before us the order of the Tribunal in respect of the assessee for the asst. yr. 1975-76. The facts, which are set out there, are to the effect that the following five persons held 10,500 shares of the assessee-company : 1. S.D. Somani Family Group 2,160 2. B.D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acts: The assessee is engaged in the manufacture and sale of tin containers and caps. The assessee had purchased on 8th Aug., 1980 National Defence Gold Bonds, 1980 for a sum of ₹ 24,16,000. The assessee sold the same on 17th Oct., 1980 for ₹ 29,30,000. The date of maturity of the Bonds was 27th Oct., 1980. The assessee had contended that ₹ 5,14,000 which was the excess realisati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edemption. However, any subsequent sale, exchange or transfer of such gold would attract capital gains tax in respect of capital gains arising from such sale, exchange or transfer. This Circular has no application at all to the facts of the present case. Hence, the entire question is misconceived. 4. It was, however, urged by Mr. Jetly, learned counsel for the Department, that we should reframe t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dventure in the nature of trade. In view of this position and on facts also, the so called reframing of this question is not warranted. 5. In any event, in a similar case dealing with a single transaction for purchase and sale of Gold Bonds a Division Bench of this Court of which one of us (Mrs. Manohar, J.) was a party has held that such a solitary transaction of purchase and sale of Gold Bonds ..... X X X X Extracts X X X X X X X X Extracts X X X X
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