https://www.taxtmi.com/caselaws?id=168541 A High Court's duty to consider certification under Section 205 of the Government of India Act, 1935 arises only where a substantial constitutional question may reasonably be involved; where no such question can reasonably arise, the absence of a certificate does not bar Privy Council jurisdiction. On tax, profit from the sale of securities and shares by a banking company is assessable as business income under Section 10 of the Indian Income-tax Act, 1922 when the realisation is integral to the bank's ordinary business, such as holding and realising readily saleable securities to meet depositors' demands. The preliminary objection failed and the gain was held taxable. en-us Mon, 22 Jul 1940 00:00:00 +0530 Wed, 11 Mar 2015 16:08:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168541 A High Court's duty to consider certification under Section 205 of the Government of India Act, 1935 arises only where a substantial constitutional question may reasonably be involved; where no such question can reasonably arise, the absence of a certificate does not bar Privy Council jurisdiction. On tax, profit from the sale of securities and shares by a banking company is assessable as business income under Section 10 of the Indian Income-tax Act, 1922 when the realisation is integral to the bank's ordinary business, such as holding and realising readily saleable securities to meet depositors' demands. The preliminary objection failed and the gain was held taxable. Case-Laws Income Tax Mon, 22 Jul 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168541