https://www.taxtmi.com/caselaws?id=5156 Share transactions that are exceptional in character and outside a dealer's normal course of business do not give rise to a business loss merely because the assessee ordinarily deals in shares. The assessee purchased preference shares at a price above market value, partly with overdraft funds, shortly after an agreement concerning the managed company, and later resold most of them to the same party at a much lower price. On those proved surrounding circumstances, the acquisition and resale were not ordinary share-dealing transactions, so the loss was not incurred in the ordinary course of the share-dealing business and was not allowable as a business loss. en-us Thu, 07 Aug 1969 00:00:00 +0530 Fri, 21 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5156 Share transactions that are exceptional in character and outside a dealer's normal course of business do not give rise to a business loss merely because the assessee ordinarily deals in shares. The assessee purchased preference shares at a price above market value, partly with overdraft funds, shortly after an agreement concerning the managed company, and later resold most of them to the same party at a much lower price. On those proved surrounding circumstances, the acquisition and resale were not ordinary share-dealing transactions, so the loss was not incurred in the ordinary course of the share-dealing business and was not allowable as a business loss. Case-Laws Income Tax Thu, 07 Aug 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5156