9911796707
TMI Blog1991 (9) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... nt year 1984-85, the following question of law has been referred to this court " Whether the Income-tax Appellate Tribunal, on the facts and in the circumstances of the case, was justified in holding that the loss on sale of investments of Rs. 54,982 is not allowable in computing the income of the assessee and/or treated as application of income ?" The brief facts of the case are that during t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loss was incurred not on revenue account but on capital account. The Tribunal has also taken the view that the circumstances that the assessee sold the shares with a view to conforming to the provisions of the amended section 13(1)(d) of the Income-tax Act, 1961, cannot be conclusive of the matter. The order of the Appellate Assistant Commissioner of Income-tax was, accordingly, reversed and the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... court in 1. T. Ref. No. 62 of 1990 (Director of Income-tax (Exemption) v. Girdharilal Shewnarain Tantia Trust) [1993] 199 ITR 215, where the judgment was delivered on June 25, 1991. In that case, we have held that in considering the income of the trust, only the real income has to be taken into account. In that case, the question was of allowing exemption under section 80T on the capital gains whi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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