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Judgment
The High Court declined to call for a reference of the following question proposed by the Revenue :-
"Whether the Appellate Tribunal is right in law and on facts in holding that the surplus realised on sale of shares is a capital gain exempt under Section 47(iv) of the Act."
It did so because the question was covered by its decision in the case of Commissioner of Income Tax vs. M/s. Sercon Pvt. Ltd. It appears from the record that the Revenue had approached this Court in a special leave petition against the decision of the High Court in the case of M/s. Sercon Pvt. Ltd. but that special leave petition was dismissed on the ground that no Statement of Case had been filed. It is clear that the question raises mixed issues of fact and law and that, therefore, it should be considered by the High Court.
The appeal is accordingly allowed. The order under challenged is set aside. The Tribunal shall refer the question quoted above to the High Court for its consideration after drawing up a Statement of Case.
No order as to costs.