https://www.taxtmi.com/caselaws?id=206967 The High Court ruled in favor of the Revenue, determining that the loss on the sale of shares should be classified as a capital loss rather than a business loss. The Court emphasized factors such as the company's objectives, treatment of shares, auditor remarks, and separate investment and business portfolios to ascertain the intention behind holding the shares. Drawing on legal precedents, the Court concluded that the shares were held as investments, aligning with the Patiala Biscuits case, and set aside the ITAT's decision in favor of the assessee. en-us Fri, 18 Nov 2011 00:00:00 +0530 Tue, 22 Nov 2011 17:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206967 The High Court ruled in favor of the Revenue, determining that the loss on the sale of shares should be classified as a capital loss rather than a business loss. The Court emphasized factors such as the company's objectives, treatment of shares, auditor remarks, and separate investment and business portfolios to ascertain the intention behind holding the shares. Drawing on legal precedents, the Court concluded that the shares were held as investments, aligning with the Patiala Biscuits case, and set aside the ITAT's decision in favor of the assessee. Case-Laws Income Tax Fri, 18 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206967