https://www.taxtmi.com/caselaws?id=180289 Transactions in securities fall within the statutory exception where they are entered into for bona fide commercial reasons and not with tax advantage as a main object. The assessment depends on the object and intention behind the series of transactions viewed as one connected arrangement, rather than by isolating individual steps. On the facts, the Commissioners were entitled to infer that the dominant purpose was to preserve the company, not to secure a tax advantage, and the conclusion was supported by evidence. The exception was therefore satisfied and section 28 did not apply. en-us Thu, 12 Jan 1967 00:00:00 +0530 Sat, 19 Mar 2016 16:42:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180289 Transactions in securities fall within the statutory exception where they are entered into for bona fide commercial reasons and not with tax advantage as a main object. The assessment depends on the object and intention behind the series of transactions viewed as one connected arrangement, rather than by isolating individual steps. On the facts, the Commissioners were entitled to infer that the dominant purpose was to preserve the company, not to secure a tax advantage, and the conclusion was supported by evidence. The exception was therefore satisfied and section 28 did not apply. Case-Laws Income Tax Thu, 12 Jan 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180289