https://www.taxtmi.com/caselaws?id=6666 Government securities held for an enduring purpose, reflected in the balance-sheet as investments, valued at cost, and sold only infrequently were treated as capital assets rather than stock-in-trade. Occasional earlier redemptions and the company's object clause did not establish a securities trading business. Applying the real character test, the Court found that the sales were not made in the ordinary course of dealing in securities or as a normal incident of business. The resulting loss on sale was therefore a capital loss, not a revenue loss. en-us Thu, 17 Mar 1966 00:00:00 +0530 Sun, 01 Feb 2009 05:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6666 Government securities held for an enduring purpose, reflected in the balance-sheet as investments, valued at cost, and sold only infrequently were treated as capital assets rather than stock-in-trade. Occasional earlier redemptions and the company's object clause did not establish a securities trading business. Applying the real character test, the Court found that the sales were not made in the ordinary course of dealing in securities or as a normal incident of business. The resulting loss on sale was therefore a capital loss, not a revenue loss. Case-Laws Income Tax Thu, 17 Mar 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6666