https://www.taxtmi.com/caselaws?id=6839 Loss on share purchase and sale was held not to be a deductible revenue loss because the transaction was not a genuine trading adventure. The court examined whether the assessee had entered the share dealings in the ordinary course of trading or whether the arrangement was a circuitous device linked to acquisition of control over a jute company. It relied on surrounding facts showing purchase at a price substantially above market and resale near market rate through an intermediary, and treated the issue as one of inference from proved circumstances. On those facts, the loss was not allowable as a revenue deduction. en-us Thu, 17 Oct 1963 00:00:00 +0530 Fri, 06 Feb 2009 16:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6839 Loss on share purchase and sale was held not to be a deductible revenue loss because the transaction was not a genuine trading adventure. The court examined whether the assessee had entered the share dealings in the ordinary course of trading or whether the arrangement was a circuitous device linked to acquisition of control over a jute company. It relied on surrounding facts showing purchase at a price substantially above market and resale near market rate through an intermediary, and treated the issue as one of inference from proved circumstances. On those facts, the loss was not allowable as a revenue deduction. Case-Laws Income Tax Thu, 17 Oct 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6839