Shah, J. - (1.) The Income-tax Appellate Tribunal, Calcutta Bench, Calcutta, drew up a statement of case under section 66(2) of the Income- tax Act and submitted the following question to the High Court of Judicature at Calcutta :"Whether, under the facts and circumstances, and on the materials available, the Appellate Tribunal was justified in holding that the gain of Rs. 49,400 made by the sale of 200 shares of Radha Films Limited was a venture in the nature of trade and whether the said amount of gain was of a capital nature or an income from business taxable under the Income Tax Act -
(2.) The learned judges of the High Court on the 15th December, 1959, after hearing counsel, were of the view that the statement of case was not sufficient to enable them to determine the question raised by the Tribunal. The court, accordingly referred the case to the Tribunal to arrive at the findings on the points indicated in their order. The High Court directed that in arriving at its findings the Tribunal will have liberty to take additional evidence that may be adduced by the parties. The court then set out six matters on which evidence may be recorded by the Tribunal.
(3.) The Tribunal submitted a supplementary statement of case on the 25th October, 1960. The reference was again placed for hearing before a Division Bench of the High Court. The learned judges by their judgment dated June 21, 1963, answered the question that the gain was of a capital nature and was not income from business taxable under the Income Tax Act. The High Court having declined to grant a certificate under section 66A of the Income Tax Act, 1922, with special leave the Commissioner of Income-tax has appealed to this court.;