https://www.taxtmi.com/caselaws?id=7169 Profits from the purchase and sale of shares were treated as capital gains because the shares were acquired as part of a transaction to obtain the managing agency of the companies, not as stock-in-trade. The board resolutions, the premium paid over market quotations, the surrounding negotiations, and the reasons for sale all showed that the dominant object was acquisition of the managing agency. Shares so acquired assumed the character of a capital asset, and their realisation gave rise to capital account profit or loss rather than trading income. en-us Wed, 28 Feb 1968 00:00:00 +0530 Thu, 12 Feb 2009 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7169 Profits from the purchase and sale of shares were treated as capital gains because the shares were acquired as part of a transaction to obtain the managing agency of the companies, not as stock-in-trade. The board resolutions, the premium paid over market quotations, the surrounding negotiations, and the reasons for sale all showed that the dominant object was acquisition of the managing agency. Shares so acquired assumed the character of a capital asset, and their realisation gave rise to capital account profit or loss rather than trading income. Case-Laws Income Tax Wed, 28 Feb 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7169