A new Account was opened in the books of the appellant named No.
8.20 lacs 2 items and 3 items 1944 45 other call money.
9.50 lacs Rs.
4.68 lacs 942 43 13 items 1351 Fs.
1350 Fs.
9.98 lacs Rs.
14.91 lacs.
2.37 lacs.
Appeals by special leave from the judgment and order dated April 26, 1956 of the Patna High Court in Misc.
Both parties appealed to the Appellate Tribunal.
2 to 4 In all the appeals .
V. Viswanatha Sastri, S. K. Majumdar and I. N. Shroff, for the appellants Nos.
He made certain amount of profits on these sales but under orders of the Commissioner of Income tax in the former case and of the Income tax Tribunal in the latter case, these sums were number assessed to income tax.
The entries in Account No.
From 1929, the appellant invested his cash surplus in shares and securities, the account of which was entered in what is called Account Book No.
beginning of the chased during the year.
10.52 lacs Nil Rs.
137 to 141 of 1958.
CIVIL APPELLATE JURISDICTION Civil Appeals Nos.
In the accounting years 1942 43 to 1946 47 the appellant purchased and sold some shares and securities.
December 15.
Judicial Cases Nos.
416 lacs 1943 44 4 items 12 items Rs.
1.03 lacs 1945 46 3 items 1354 Fs.
It had purchased certain shares and sold them and qua those shares it claimed to be treated as an investor and number a dealer on the ground that it did number carry on any business in the purchase and sale of shares.
Hardayal Hardy and D. Gupta, for the respondent In all the appeals .
During this period the appellant sold shares and securities in the accounting years 1936 37 and 1939 40 of the value of 1.48 lacs and 1.69 lacs respectively.
48,000.
14.66 lacs Nil Rs.
In the Oriental Investment case 1 the assessee was an investment companypany.
3.39 lacs 1946 47 9items 2 items and in all these years the appellant made profits which varied from Rs.
15 83 lacs.
1 stood as follows Total value of Total companyt of Total companyt of shares shares securities shares and and securities sold companyt at the securities pur during the year.
From the year 1930 onwards up to the year 1941 42 the appellant purchased a large number of shares and securities which by the accounting year 1941 42 were of the value of Rs.
The appellant is the son of the late Maharajadhiraja of Darbhanga and the brother of the present Maharaja.
362 to 366 of 1955.
1353 Fs.
The Judgment of the Court was delivered by KAPUR, J. The assessee who is the appellant has brought these five appeals against the judgment and order of the High Court of Patna by which it answered the two questions stated under s. 66 2 of the Indian Income tax Act against the appellant and in favour of the Commissioner of Income tax.
He was also given a yearly allowance of Rs.
The father died in 1929 and the appellant was given by way of maintenance the Estate of Rajnagar.
30,000 which was later raised to Rs.
