It assumed that it was genuine.
All these shares were sold on 4 3 1955.
The total price paid for these shares was Rs.
The facts as found by the Tribunal are as follows During the relevant previous year the assessee sold 2500 shares of M s. Karam Chand Thapar Sons Ltd, which had been purchased by them in three lots 100 shares on 20th May.
1941, 1300 shares on 17th September, 1941 and 100 on 31st March, 1950.
They were also shown in the Balance sheet as investments and.
1,50,000/ .
In appeal the Appellate Assistant Commissioner did number agree with all the findings reached by the In come Tax Officer.
He opined that the transaction in question was number a genuine transaction and further even if it is a genuine transaction the loss incurred is a capital loss.
They were number sold when the price of those shares were high.
Generally speaking the decision depends on the inference to be drawn from the facts found by the Tribunal.
It claimed that the loss was a trading loss.
2,54, 592/ The entire block of the said shares was sold to M s. Mugneeram Bangur Co on March 4, 1945 for a sum of Rs.
Hence it did number go into the question whether the transaction was a genuine one.
The assessee there by suffered a loss of Rs.
These shares were shown in the account books of the assessee as investments shares.
They were the shares of a companypany managed by the assessee.
He came to the companyclusion that the sale transaction was genuine but the loss incurred was a capital loss On a further appeal the Tribunal agreed with the Appellate Assistant Commissioners companyclusion that the loss in question was a capital loss.
It found the following facts 1 2400 shares were purchased in the year 1941.
1,04,592/ .
The Income tax Officer did number accept the assessees claim.
