https://www.taxtmi.com/caselaws?id=237767 The Court dismissed the Tax Appeal, affirming that income from the sale of shares should be treated as capital gain, not business income. It clarified that section 73 of the Income Tax Act applies to losses in speculative business and does not extend to situations without losses or intent to carry forward non-absorbed losses. The Court emphasized that the deeming provision in the explanation to section 73 is limited to scenarios falling within its scope, highlighting the importance of accurate application of tax law provisions. en-us Tue, 19 Feb 2013 00:00:00 +0530 Mon, 07 Oct 2013 22:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237767 The Court dismissed the Tax Appeal, affirming that income from the sale of shares should be treated as capital gain, not business income. It clarified that section 73 of the Income Tax Act applies to losses in speculative business and does not extend to situations without losses or intent to carry forward non-absorbed losses. The Court emphasized that the deeming provision in the explanation to section 73 is limited to scenarios falling within its scope, highlighting the importance of accurate application of tax law provisions. Case-Laws Income Tax Tue, 19 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237767