1983 (2) TMI 90

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..... bunal in ITA. Nos. 327 of 1978-79, 124 of 1979 and 380 of 1978-79 dt. 24th July, 1982, be referred to the Hon'ble High Court of Punjab and Haryana at Chandigarh for each of the assessment years for its opinion : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in allowing the assessee's claim of loss arising on account of valuation of Governme .....

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..... Keeping in view the observations of the Hon'ble High Court above, when we examine the order made by the Tribunal out of which the impugned question sought to be referred in the applications is said to arise, we find that the Tribunal held on the appreciation of facts that putting money in securities which were termed as investment in securities was a part or incident of carrying on of banking bus .....

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..... ct for the assessee to carry on the business in a lawful manner. Therefore, when the assessee makes investments in Government Securities and in trustee securities upto a level prescribed by the statue or even beyond that, what the assessee is doing is only meeting one of the requirements of carrying on the business and this requirement is in fact a part of the carrying on of the business of the as .....

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