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TMI Blog1965 (10) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... te Tribunal in the present case and of are of the opinion that fairly arguable questions of law arise and the High Court should have directed the Appellate Tribunal to state the case and refer it to the High Court. Accordingly, the appeal is accepted and we direct the Appellate Tribunal to state the case and refer it to the High Court. - - - - - Dated:- 27-10-1965 - Judge(s) : K. SUBBA RAO., J. C. SHAH., S. M. SIKRI JUDGMENT The judgment of the court was delivered by SIKRI J.-- This appeal by special leave is directed against the judgment of the High Court of Rajasthan, rejecting the application under section 66(2) of the Income-tax Act, filed by the appellant. For the assessment for 1958-59, the Income-tax Officer disall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te Tribunal, on appeal, accepted the contentions and held that the decision of the Supreme Court governed the case, and that, on the facts, it was satisfied that this was not a case where the transactions were settled by payment of differences. It found that payments had been made for full value of the goods purchased, and, therefore, the transactions could not be regarded as speculative transactions. The Appellate Tribunal further held that the term " scrips " occurring in Explanation 2 to section 24(1) could refer to scrips pertaining to any commodity and there was no warrant for saying that it should refer to stocks and shares alone. This was with reference to the argument of the assessee that Explanation 2 was not confined to actual del ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ehalf of the revenue, tends that the High Court should not have rejected this application under section 66(2) because the questions referred to above were arguable questions of law. He says that the first question is not concluded by the decision of this court in Duni Chand Rataria's case. He further contends that the Calcutta High Court has in an unreported judgment in D. M. Wadhwana v. Commissioner of Income-tax distinguished the Supreme Court decision in Duni Chand Rataria's case and has taken the view that the words " actual delivery " in Explanation 2 to section 24(1) do not only mean physical delivery. We need not express an opinion at this stage on the soundness of the view of the Appellate Tribunal in the present case, or the view t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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