1993 (1) TMI 26

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..... he Income-tax Act, 1961 : " (1) Whether, on the facts and in the circumstances of the case, the provisions of section 52(1) or 52(2) have been validly invoked by the Income-tax Officer in the present case ? (2) Whether, on the facts and in the circumstances of the case, short-term capital loss claimed by the assessee could not be disallowed?" Both the questions have been referred at the inst .....

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..... xability are fulfilled is always on the Revenue. In view of this judgment of the Supreme Court, question No. 1 will have to be answered in the negative, that is, against the Revenue and in favour of the assessee. Question No. 2 will have to be answered in the affirmative, that is, against the Revenue and in favour of the assessee. The reference is disposed of accordingly with no order as to costs. .....

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