JUDGMENT
D.K. Kapur, J.
1. In this case a reference has been sought on the question whether the profit arising from sale of certain shares is capital gain or revenue receipt. In our opinion the Tribunal was perfectly right in holding that this is a question of fact and in the circumstances of this case the ld. counsel for the respondent has also brought to our notice that this was the view expressed in some other cases of a similar type.
2. It may be noted that the question whether a profit arising from the sale of shares is a revenue receipt or a capital gain or a long term capital gain, etc., all depend on the manner in which the assessed had been dealing with the shares. An investor can go on buying and selling shares and the profit and loss resulting from the same will be either capital gain or capital loss. It is only when a dealer in shares sells or buys shares that the profit or loss becomes a revenue gain or revenue loss. The essential question in such a case is whether the assessed is a dealer or investor. Unless the assessed is held to be a dealer in shares the question of treating the gain as revenue receipt does not arise. We are satisfied that the assessed could not possibly be held to be a dealer and it is, therefore, a question of fact. The application is dismissed.