https://www.taxtmi.com/caselaws?id=64253 The Tribunal allowed the appeal, vacating the CIT's order under section 263 of the IT Act directing the treatment of a loss as a long-term capital loss instead of a business loss. It held that the assessee, engaged in the purchase and sale of shares, was correctly treated as a dealer in shares rather than holding shares as investments. The Tribunal found the CIT's invocation of revisionary powers unjustified, emphasizing the importance of factual consistency and evidence in tax assessments. en-us Wed, 13 Apr 1994 00:00:00 +0530 Sat, 05 Feb 2011 16:45:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64253 The Tribunal allowed the appeal, vacating the CIT's order under section 263 of the IT Act directing the treatment of a loss as a long-term capital loss instead of a business loss. It held that the assessee, engaged in the purchase and sale of shares, was correctly treated as a dealer in shares rather than holding shares as investments. The Tribunal found the CIT's invocation of revisionary powers unjustified, emphasizing the importance of factual consistency and evidence in tax assessments. Case-Laws Income Tax Wed, 13 Apr 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64253