Allowing the appeals of the revenue the Court held that, in income tax proceedings the Court had reversed the Appellate Tribunal’s findings and held that the characteristic of the sale proceeds as a capital loss was sham and brought the amounts into question to tax – either as business receipts or as business losses. Such being the case, a like treatment had to be given in the gift-tax proceedings. The Tribunal had considered only the validity of the proceedings, but had not considered whether the transactions under S. 4(1)(a) amounted to deemed gift. No conclusive finding in that regard was rendered, nor any finding could have been rendered or was given. The orders of the Tribunal were set aside. Matter remanded.