https://www.taxtmi.com/caselaws?id=5272 SC upheld the Tribunal's finding that the taxpayer's purchase and sale transactions in certain company shares were genuine commercial transactions and that the shares were held as stock-in-trade rather than as capital assets. The Court held the Tribunal relied on relevant evidence, properly considered the circumstances (including prior departmental treatment), and did not act perversely. The argument that the Tribunal failed to state it considered the cumulative effect of circumstances was rejected as unsubstantial. The appeal was dismissed with costs. en-us Tue, 14 Feb 1989 00:00:00 +0530 Tue, 28 Oct 2025 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5272 SC upheld the Tribunal's finding that the taxpayer's purchase and sale transactions in certain company shares were genuine commercial transactions and that the shares were held as stock-in-trade rather than as capital assets. The Court held the Tribunal relied on relevant evidence, properly considered the circumstances (including prior departmental treatment), and did not act perversely. The argument that the Tribunal failed to state it considered the cumulative effect of circumstances was rejected as unsubstantial. The appeal was dismissed with costs. Case-Laws Income Tax Tue, 14 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5272