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TMI Blog1971 (8) TMI 29X X X X Extracts X X X X X X X X Extracts X X X X ..... HEGDE. and A. N. GROVER. JUDGMENT The judgment of the court was delivered by HEGDE J.- Civil Appeal No. 1126 of 1971 by special leave arises from the decision of the High Court of Calcutta in a reference under section 66(1) of the Indian Income-tax Act, 1922-hereinafter referred to as " the Act ". The assessment year with which we are concerned in this appeal is 1955-56, the previous y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loss incurred is a capital loss. In appeal the Appellate Assistant Commissioner did not agree with all the findings reached by the Income-tax Officer. He came to the conclusion that the sale transaction was genuine but the loss incurred was a capital loss. On a further appeal the Tribunal agreed with the Appellate Assistant Commissioner's conclusion that the loss in question was a capital loss. H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . It is difficult to lay down cut and dried principles for deciding that question. It depends upon the facts and circumstances of each case. Generally speaking, the decision on that question depends on the inference to be drawn from the facts found by the Tribunal. All that we have to see is whether the inference drawn by the Tribunal on the facts found by it is a reasonable inference. As seen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame at a higher price earlier. It may be noted that, though, according to the assessee, the price of those shares was Rs. 50 per share in the year 1950, yet the assessee purchased 100 shares in 1950 at Rs. 75 per share. This is again indication that the assessee was not acquiring those shares as a trading activity. We fail to see why the shares of M/s. Karam Chand Thapar and Sons should have gone ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the result, Civil Appeal No. 1126 of 1971 is dismissed with costs. Now, coming to Civil Appeal No. 1747 of 1968, we revoke the certificate granted by the High Court as it is not supported by any reason. There is no need to send the case back to the High Court in view of our decision in Civil Appeal No. 1126 of 1971, in which we dealt with that very case. Hence, that appeal is also dismissed. No c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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