https://www.taxtmi.com/caselaws?id=174803 Profits from purchase and sale of Government securities by a co-operative bank were treated as exempt under the exemption notification because the word "investments" in the exclusion was read in its commercial and tax sense as capital investment. The HC distinguished an investor from a dealer in securities and held that profits arising from trading stock remain business income, not income from investment in securities. As the assessee held the securities as part of its stock-in-trade in the course of banking business, the exclusion for investments in securities under the explanation did not apply. The referred question was answered in the assessee's favour. en-us Mon, 23 Sep 1957 00:00:00 +0530 Sat, 10 Nov 2018 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174803 Profits from purchase and sale of Government securities by a co-operative bank were treated as exempt under the exemption notification because the word "investments" in the exclusion was read in its commercial and tax sense as capital investment. The HC distinguished an investor from a dealer in securities and held that profits arising from trading stock remain business income, not income from investment in securities. As the assessee held the securities as part of its stock-in-trade in the course of banking business, the exclusion for investments in securities under the explanation did not apply. The referred question was answered in the assessee's favour. Case-Laws Income Tax Mon, 23 Sep 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174803