https://www.taxtmi.com/caselaws?id=6838 Genuine share-dealing losses arising in the ordinary course of business were treated as revenue losses and allowable deductions where the assessees were dealers in shares and the transactions were found to be bona fide business dealings. Litigation expenses incurred in the Murli Hills dispute were held capital in nature because they were directed towards obtaining a future lease and securing title to a capital asset, rather than preserving an existing business asset or title, so they were not deductible as revenue expenditure. The claimed speculation loss was also accepted as a genuine loss from real speculative transactions and allowed as a deduction. en-us Thu, 13 Jan 1966 00:00:00 +0530 Fri, 06 Feb 2009 15:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6838 Genuine share-dealing losses arising in the ordinary course of business were treated as revenue losses and allowable deductions where the assessees were dealers in shares and the transactions were found to be bona fide business dealings. Litigation expenses incurred in the Murli Hills dispute were held capital in nature because they were directed towards obtaining a future lease and securing title to a capital asset, rather than preserving an existing business asset or title, so they were not deductible as revenue expenditure. The claimed speculation loss was also accepted as a genuine loss from real speculative transactions and allowed as a deduction. Case-Laws Income Tax Thu, 13 Jan 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6838