Treatment of securities: withdrawal of administrative circular after judicial judgment affects classification as stock in trade or investment. Treatment of securities concerns whether holdings are treated as stock-in-trade or as investment. The circular states that, consequent to a judicial judgment, an earlier administrative guidance (Circular No.599) is withdrawn, altering the administrative stance on classification of securities and removing that circular from continued application.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Treatment of securities: withdrawal of administrative circular after judicial judgment affects classification as stock in trade or investment.
Treatment of securities concerns whether holdings are treated as stock-in-trade or as investment. The circular states that, consequent to a judicial judgment, an earlier administrative guidance (Circular No.599) is withdrawn, altering the administrative stance on classification of securities and removing that circular from continued application.
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