https://www.taxtmi.com/caselaws?id=6796 Sale of Government securities by a State financial corporation was treated as part of its business operations because the securities were realised to meet immediate loan commitments and maintain working liquidity for its statutory lending activities. Although the securities had been acquired from surplus funds and were sold when market conditions were adverse, the dominant purpose remained raising funds for disbursement of loans, not investment disposal as capital accretion. The resulting loss was therefore a trading loss and not a capital loss, and the reference was answered in favour of the assessee. en-us Wed, 31 Aug 1966 00:00:00 +0530 Mon, 02 Feb 2009 11:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6796 Sale of Government securities by a State financial corporation was treated as part of its business operations because the securities were realised to meet immediate loan commitments and maintain working liquidity for its statutory lending activities. Although the securities had been acquired from surplus funds and were sold when market conditions were adverse, the dominant purpose remained raising funds for disbursement of loans, not investment disposal as capital accretion. The resulting loss was therefore a trading loss and not a capital loss, and the reference was answered in favour of the assessee. Case-Laws Income Tax Wed, 31 Aug 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6796