https://www.taxtmi.com/caselaws?id=7227 Shares acquired primarily in connection with the acquisition or retention of a managing agency were treated as investment and not stock-in-trade, so loss on their sale was capital in nature. Although the assessee was accepted as a dealer in shares and the sales were genuine, the decisive inquiry was the character of the holding on the admitted primary facts. The Court upheld the inference that the bulk of the shares had been retained for a long period and were linked to the managing agency arrangement. It rejected reliance on balance-sheet description, alleged market price, or supposed absence of a favourable market as sufficient to displace that inference, and sustained the disallowance. en-us Wed, 09 Aug 1967 00:00:00 +0530 Mon, 16 Feb 2009 08:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7227 Shares acquired primarily in connection with the acquisition or retention of a managing agency were treated as investment and not stock-in-trade, so loss on their sale was capital in nature. Although the assessee was accepted as a dealer in shares and the sales were genuine, the decisive inquiry was the character of the holding on the admitted primary facts. The Court upheld the inference that the bulk of the shares had been retained for a long period and were linked to the managing agency arrangement. It rejected reliance on balance-sheet description, alleged market price, or supposed absence of a favourable market as sufficient to displace that inference, and sustained the disallowance. Case-Laws Income Tax Wed, 09 Aug 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7227