The Tribunal said: " The company having itself raised the point in all the prior years that it was a dealer in investments and properties, it would appear to be difficult to understand why the company now seeks to get the position changed and desires the Income tax Officer to treat it as if it was not dealing in shares, securities and immoveable properties." The Tribunal after holding that the company was under no misapprehension when it claimed to be a dealer in investments in the earlier years because it was then always incurring losses and that the present contention was raised because it made "substantial profits" said: "but we have no doubt that, according to the company 's memorandum of association and its own assertions made all along in the past, the assessee company is a 'dealer in investments and properties and the income arising to it on the sale thereof has been rightly held by the Income tax Officer to be business profits liable to tax under the ordinary provisions of the Income tax Act." Thus the grounds on which the case was decided against the assessee were (1) that the assessee claimed to be a dealer or an investor according as it incurred losses or made profits and (2) that because of the objects contained in the memorandum of association and because of its assertion made in the past as being a dealer the assessee could not be held to be an investor.