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TMI Blog2017 (5) TMI 300X X X X Extracts X X X X X X X X Extracts X X X X ..... dings that conversion of investment of shares into stock-in-trade was reality and genuine as relying on case of CIT Vs M/s Raj Kumar Singh and Co. Lucknow [2017 (5) TMI 346 - Allahabad high court] wherein held it is a case of outright sale of share holding by Assesses Firm to its partner and that to for consideration, hence it can not be a case of distribution by dissolution of Firm or even under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Order Dated 1. ITA No. 11 of 2006 I.T.A. No. 1076/Alld/94 1991-1992 07.07.2005 2. ITA No.10 of 2006 I.T.A. No. 1923/Alld/94 1991-1992 07.07.2005 3. ITA No. 7 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r on the facts and in the circumstances of the learned ITAT was justified in upholding the said conversion merely because it is allowed under the provisions of law without considering the connected facts that the shares were allegedly converted onto stock in trade, sold to the company having the son of the assessee as Director, at a huge loss. (ii) Whether on the fact and in the circumstances ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rtnership concerned and by way of capital gains. Assesses hold certain share of M/s Jay Prakash Industrial Limited, Jay Prakash Enterprises Limited and J.P. Hotel Limited. These shares were held as investment. 5. On 01.01.1990 Assesses, by way of declaration converted investment into stock in trade. Assessing Officer held that transfer of share has resulted in profit and not loss, hence, worked ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vide judgment of date and all questions have been answered against Revenue and in favour of Assesses. 7. For the reasons stated in our judgment of date passed in ITA No. 111 of 2005 (CIT V/s M/s Raj Kumar Singh Co. Lucknow) and in the same terms, questions raised in these appeals are answered against Revenue and in favour of Assesses. 8. All these appeals are accordingly dismissed. 9. N ..... X X X X Extracts X X X X X X X X Extracts X X X X
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