Suhas Chandra Sen, J. - (1.) The following question of law has been referred to this court by the Tribunal under Section 256(1) of the Income-tax Act, 1961 ("the Act") : "Whether, on the facts, and in the circumstances of the case, the Tribunal was right in holding that the sale of shares of Ganesh Sugar Mills Ltd., Samala Collieries Ltd. and Shri Anand Sugar Mills Ltd., was in the nature of business deals ?"
(2.) This case has a little history. The relevant assessment year involved in this reference is the assessment year 1956-57 and the corresponding previous year is the calendar year 1955. The case had come up for hearing to this court on an earlier occasion and by an order dated July 29, 1980, the Tribunal was directed to file a supplementary statement of case. The direction was as under : "We, accordingly, direct the Tribunal to consider these two aspects, namely, with what intention the shares had been acquired and with what intention the shares in question were sold to another member of the Jai-puria Group along with the facts as to how these shares were held by the assessee-company. The Tribunal will give such opportunities to the parties as the Tribunal considers fit and proper to adduce evidence on these points and make a supplementary statement of the case after considering the aforesaid aspects within six months from service of this order on the Tribunal."
(3.) The Tribunal has filed a supplementary statement of case in which arguments advanced on behalf of the Revenue as well as on behalf of the assessee have been recorded but the Tribunal stated that: "The certified order of the Hon'ble High Court was submitted before the Tribunal by the assessee's counsel on August 11, 1987. The case was fixed for hearing several times thereafter. Both the parties were not in a position to adduce the relevant facts on the basis of which the statement could be drawn.";