2017 (5) TMI 300

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..... JJ. For Appellant : Alok Mathur For Respondent : Namit Sharma ORDER 1. Heard Shri Alok Mathur, learned counsel for appellant and Shri Namit Sharma, learned counsel for respondent. 2. From the common Judgment of Income Tax Appellate Tribunal, Lucknow Bench, Lucknow (hereinafter referred to as " Tribunal") dated 07.07.05 relates to different Assessment Year details whereof are given as under:- .....

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..... rely 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 of the case learned ITAT was justified in holding that the Assessing Officer was not justified in questioning t .....

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..... rakash 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 out capital on transfer of converted shares and did not accept contention of Assessees share were converted into stock in .....

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