THE COMMISSIONER OF INCOME TAX, DELHI ANDRAJASTHAN vs M/S NATIONAL FINANCE LTD.

The Supreme Court held that the appeal against the Tribunal's decision was maintainable as it did not bypass the High Court's order, which only addressed the limitation issue. The Court established that the acquisition of shares was not a trading loss but a capital loss, as the shares were purchased to secure agency control rather than for trading purposes. The Court applied the principles from Baldev Singh v. Commissioner of Income-tax (1960) and distinguished the case from Chandi Prasad Chokhani v. State of Bihar (1962).