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TMI Blog1971 (7) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... loss was not a trading loss - - - - - Dated:- 23-7-1971 - Judge(s) : K. S. HEGDE. and A. N. GROVER. JUDGMENT The judgment of the court was delivered by HEGDE J.-- This appeal is directed against the decision of the High Court of Punjab and Haryana in Income-tax Reference No. 7 of 1963. The question that was referred to the High Court for its opinion was " Did the Tribunal misdirect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecide. That question has to be determined on the facts and circumstances of each case. Normally, the finding of the Tribunal on this question being essentially a finding of fact is not disturbed unless it is shown that the Tribunal has taken into consideration irrelevant circumstances or failed to take into consideration the relevant circumstances. It is not said in this case that the Tribunal has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Rohtas Industries Ltd., that the two companies were interlinked in the sense that they were dominated by the same group of directors and that it was a solitary instance in the history of the company of purchasing of shares, the activity was not a trading activity but it was merely an investment. This finding is not vitiated in any manner. In the result this appeal fails and the same is dis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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