https://www.taxtmi.com/caselaws?id=5077 The court upheld the High Court's decision that the surplus from the sale of shares and securities was a revenue receipt taxable under the Income-tax Act. The transactions were deemed an adventure in the nature of trade rather than investments for earning dividends. The court emphasized the motive behind the purchase and sale of shares, concluding that the profits were taxable as revenue income. The appeals were dismissed, affirming the taxability of the income derived from these transactions. en-us Wed, 22 Nov 1967 00:00:00 +0530 Wed, 19 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5077 The court upheld the High Court's decision that the surplus from the sale of shares and securities was a revenue receipt taxable under the Income-tax Act. The transactions were deemed an adventure in the nature of trade rather than investments for earning dividends. The court emphasized the motive behind the purchase and sale of shares, concluding that the profits were taxable as revenue income. The appeals were dismissed, affirming the taxability of the income derived from these transactions. Case-Laws Income Tax Wed, 22 Nov 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5077