AJIT K. SENGUPTA, J.

( 1 ) IN this reference under Section 256 (1) of the Income-tax Act, 1961 ("the Act"), the following question of law has been referred to this court at the instance of the Revenue for the assessment year 1981-82 :"whether, on the facts and in the circumstances of the case, the Tribunal was right in law is holding that investment in fixed deposit made in the previous year relevant to the assessment year 1981-82 out of sale proceeds of shares of companies, amounted to acquiring of 'another capital asset' in terms of Section 11 (1a) of the Income-tax Act, 1961 ?"

( 2 ) THE brief facts giving rise to this reference are that the assessee-trust is a public charitable trust whose income is entitled to exemption under Section 11 of the Act. During the previous year ending March 31, 1981, corresponding to the assessment year 1981-82, the assessee-trust held shares in 14 limited companies and it sold the same during the said previous year for a total sum of Rs. 63,52,565. The cost of the said, shares sold during the previous year was Rs. 23,25,466 and the capital gain arising on the sale of the said shares amounted to Rs. 40,27,099. Within the said previous year itself,

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