1991 (8) TMI 17

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..... er section 256(1) of the Income-tax Act, 1961 : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that for the purposes of working out the capital gains arising out of the sale of 300 shares of Messrs. Alembic Chemical Works Co. Ltd., the cost of the shares to be deducted from the sale proceeds should be worked out by spreading the cost at whic .....

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..... in the affirmative and against the assessee. Reference answered, accordingly, with no order as to costs. At this stage, Mr. K. H. Kaji, learned counsel for the assessee, prays that this may be certified to be a fit case for appeal to the Supreme Court under section 261 of the Income-tax Act, 1961. Since, in our opinion, the question which has been referred to us is directly covered by a decision .....

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