https://www.taxtmi.com/caselaws?id=7072 Where shares are acquired in a commercial setting, financed by borrowed funds, sold shortly afterwards in small lots, and the proceeds reinvested elsewhere, the surrounding circumstances may show that the purchase was for resale at a profit rather than for obtaining managing agency control or making a long-term investment. On that footing, the shares are treated as stock-in-trade and the surplus on sale is taxable as business profit under section 10 of the Indian Income-tax Act, 1922, not as capital gain under section 12B. en-us Mon, 20 Feb 1967 00:00:00 +0530 Sun, 08 Feb 2009 11:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7072 Where shares are acquired in a commercial setting, financed by borrowed funds, sold shortly afterwards in small lots, and the proceeds reinvested elsewhere, the surrounding circumstances may show that the purchase was for resale at a profit rather than for obtaining managing agency control or making a long-term investment. On that footing, the shares are treated as stock-in-trade and the surplus on sale is taxable as business profit under section 10 of the Indian Income-tax Act, 1922, not as capital gain under section 12B. Case-Laws Income Tax Mon, 20 Feb 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7072