https://www.taxtmi.com/caselaws?id=6335 The dispute concerned whether loss on sale of shares was a capital loss from realisation of investment or a trading loss from share-dealing business. The Tribunal treated the shares as investment holdings, relying on contemporaneous board resolutions, sale vouchers describing the transactions as sales of investments, and earlier balance-sheets showing the shares as investments. A later resolution passed after losses had already arisen was viewed as an attempt to recast the character of the loss. The SC upheld the Tribunal's finding, holding that it rested on material on record and that the evidence could not be reappraised merely because another view was possible. en-us Tue, 17 Aug 1971 00:00:00 +0530 Thu, 04 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6335 The dispute concerned whether loss on sale of shares was a capital loss from realisation of investment or a trading loss from share-dealing business. The Tribunal treated the shares as investment holdings, relying on contemporaneous board resolutions, sale vouchers describing the transactions as sales of investments, and earlier balance-sheets showing the shares as investments. A later resolution passed after losses had already arisen was viewed as an attempt to recast the character of the loss. The SC upheld the Tribunal's finding, holding that it rested on material on record and that the evidence could not be reappraised merely because another view was possible. Case-Laws Income Tax Tue, 17 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6335