https://www.taxtmi.com/caselaws?id=77153 The court upheld the decision of the Tribunal and Commissioner of Income-tax (Appeals), ruling in favor of the assessee. It held that the profit/loss from the sale of equity shares should be treated as a business loss rather than a capital loss. The court emphasized that the shares were purchased with the intention of promoting the company, aligning with the assessee's business activities of investment and finance. Citing a Supreme Court judgment, the court concluded that the loss incurred on the sale of shares qualified as a business loss. Consequently, the appeal by the Revenue was dismissed, and judgment was in favor of the assessee. en-us Thu, 14 Feb 2008 00:00:00 +0530 Sat, 02 Feb 2013 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77153 The court upheld the decision of the Tribunal and Commissioner of Income-tax (Appeals), ruling in favor of the assessee. It held that the profit/loss from the sale of equity shares should be treated as a business loss rather than a capital loss. The court emphasized that the shares were purchased with the intention of promoting the company, aligning with the assessee's business activities of investment and finance. Citing a Supreme Court judgment, the court concluded that the loss incurred on the sale of shares qualified as a business loss. Consequently, the appeal by the Revenue was dismissed, and judgment was in favor of the assessee. Case-Laws Income Tax Thu, 14 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77153