https://www.taxtmi.com/caselaws?id=6373 In a reference under section 66(2), the High Court could not disturb the Tribunal's finding of fact unless it was unsupported by evidence, rested on irrelevant material, or was perverse; the Tribunal's conclusion that the shares were acquired to obtain managing agency and control, and not as stock-in-trade, was supported by relevant circumstances and stood. On that factual basis, the later sale of part of the shares did not change their capital character, and the resulting surplus was not business income under section 10 but was chargeable as capital gain under section 12B. en-us Wed, 27 Sep 1972 00:00:00 +0530 Thu, 22 Jan 2026 13:07:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6373 In a reference under section 66(2), the High Court could not disturb the Tribunal's finding of fact unless it was unsupported by evidence, rested on irrelevant material, or was perverse; the Tribunal's conclusion that the shares were acquired to obtain managing agency and control, and not as stock-in-trade, was supported by relevant circumstances and stood. On that factual basis, the later sale of part of the shares did not change their capital character, and the resulting surplus was not business income under section 10 but was chargeable as capital gain under section 12B. Case-Laws Income Tax Wed, 27 Sep 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6373