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TMI Blog1990 (9) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... e has sought to raise the following questions as questions of law: "(i) Whether, on the facts and in the circumstances of the case, the Tribunal erred in disallowing the appellant's claim of Rs. 5,77,500 being the short-term capital loss incurred by it on the sale of its shares in Vidyut Research Co. P. Ltd. ? (ii) Whether the Tribunal's view that: (a) the applicant was not entitled to claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in holding that the cost of the shares obtained by the applicant in Vidyut Research Co. P. Ltd. was the value of the applicant's right to the loan advanced by it to Vidyut Research Co. P. Ltd., overlooking and failing to appreciate the fact that such shares were obtained by the applicant on conversion of the amount of such loans into such shares? (v) Whether the Tribunal failed to appreciate tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts and in the circumstances of the case, the Tribunal was right in law in holding that the loss, if any, was on account of realisation of the loan at the time of its conversion into shares and was, therefore, not allowable in computing the income of the applicant ?" The proceedings relate to the assessment year 1978-79. The Tribunal had rejected the reference application observing that the quest ..... X X X X Extracts X X X X X X X X Extracts X X X X
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