(Per : HONOURABLE THE ACTING CHIEF JUSTICE MR.BHASKAR BHATTACHARYA) This appeal is ADMITTED on the following substantial questions of law:
1. Whether the Tribunal below committed substantial error of law in deleting addition of Rs.57,00,000/- made by the Assessing Officer by disallowing the loss claimed on revaluation of closing stock of shares notwithstanding the fact that those shares were shown in the previous accounting year as investment.
HC-NIC Page 1 of 2 Created On Fri Jul 15 01:28:32 IST 2016 TAXAP/185/2010 2/2 ORDER
2. Whether the Tribunal below committed substantial error of law in not deciding the question whether the assessee firm was engaged in business of trading in shares while allowing the claim of loss of Rs.57,00,000/- on revaluation of shares treating them as stock-in -trade, by not following the well settled principles which are required to be tested in giving such benefit.
Since Ms. Soparkar has entered appearance on behalf of the respondent-assessee, this appeal may be treated as ready as regards service.
[BHASKAR BHATTACHARYA, ACTING C.J.] mathew [J.B.PARDIWALA. J.] HC-NIC Page 2 of 2 Created On Fri Jul 15 01:28:32 IST 2016