Honble BALIA, J.–Heard learned counsel for the parties.

(2). This reference relates to the assessment year 1982-83 and arises out of appellate order of the Tribunal in ITA No. 665/JP/1986. The Tribunal at the instance of Commissioner of Income Tax has referred following two questions of law for opinion of this Court:

``1. Whether on the facts and in the circumstances of the case the Tribunal was right in holding that ``blank transfer of shares as recognised by section 108 (1A) of the Companies Act, 1956 would amount to ``Actual Delivery within the meaning of the term used in Sec. 43(5) of the I.T. Act, 1961?

2. Whether the Tribunal was right in holding that loss of Rs. 2,73,053 was required to be set off against business income of the Assessee?

(3). Having heard learned counsel for the parties and going through the finding recorded by the Tribunal as per the statement of the case, we find that the expression used in recording finding has not been used rightly which has resulted in framing of question not giving out the real controversy and would require to be re-framed. The question relates to the consideration of loss of Rs. 2,73,053/- suffered by the assessee on account of transactio

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