Dealer status in shares requires factual assessment whether holdings are trading assets or investments with account scrutiny. The Board declined to prescribe universal tests for identifying dealers in shares and directed assessing officers to determine, on the facts, whether a taxpayer's shares are trading assets or investments. Assessing officers must examine all relevant aspects and specially scrutinise the balance sheet and profit and loss account of assessees claiming dealer status in shares, using those financial statements as primary evidence in the classification.
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.
Dealer status in shares requires factual assessment whether holdings are trading assets or investments with account scrutiny.
The Board declined to prescribe universal tests for identifying dealers in shares and directed assessing officers to determine, on the facts, whether a taxpayer's shares are trading assets or investments. Assessing officers must examine all relevant aspects and specially scrutinise the balance sheet and profit and loss account of assessees claiming dealer status in shares, using those financial statements as primary evidence in the classification.
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