ORIENTAL INVESTMENT CO. (P) LTD. vs COMMISSIONER OF INCOME TAX, BOMBAY

The Supreme Court held that under Section 66(1) of the Indian Income Tax Act, 1922, the questions regarding whether the assessee company was a dealer in investments and whether profits from sales of shares and properties could be taxed as business profits are mixed questions of law and fact. The Court remanded the case to the High Court, directing it to require the Tribunal to state a case reflecting the real controversy, as the questions previously framed did not adequately capture the issues at hand. The Court emphasized that the proper construction of statutory language is a matter of law, allowing the High Court to review the Tribunal's findings on such mixed questions.