https://www.taxtmi.com/caselaws?id=5157 The Supreme Court held that the profit from the sale of shares by the appellant firm was taxable as revenue income rather than capital gain under the Income-tax Act, 1922. The court determined that the transactions were part of a continuous business activity aimed at earning profits, rejecting the firm's claims of capital investment purposes. The court emphasized the profit-oriented nature of the firm's activities, considering the financing arrangements, selling patterns, and motives behind the share transactions. Consequently, the court affirmed the tax liability on the profits from the share sales, classifying them as commercial transactions driven by a profit motive. en-us Thu, 31 Jul 1969 00:00:00 +0530 Fri, 21 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5157 The Supreme Court held that the profit from the sale of shares by the appellant firm was taxable as revenue income rather than capital gain under the Income-tax Act, 1922. The court determined that the transactions were part of a continuous business activity aimed at earning profits, rejecting the firm's claims of capital investment purposes. The court emphasized the profit-oriented nature of the firm's activities, considering the financing arrangements, selling patterns, and motives behind the share transactions. Consequently, the court affirmed the tax liability on the profits from the share sales, classifying them as commercial transactions driven by a profit motive. Case-Laws Income Tax Thu, 31 Jul 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5157