https://www.taxtmi.com/caselaws?id=7953 Surplus from share dealings was treated as business profit where the surrounding facts showed an adventure in the nature of trade. The character of the transaction had to be judged from the total effect of all relevant circumstances, including the nature of the commodity, the assessee's ordinary business, the intention at purchase, later conduct, and whether the arrangement bore a scheme for profit-making; an intention to resell at a profit gives rise to a strong but rebuttable presumption of trade. On the facts, the shares formed part of a chain of financing, commodity dealings, and immediate resale in a rising market, with no investment motive such as dividend yield or long-term holding. en-us Mon, 16 Feb 1970 00:00:00 +0530 Thu, 26 Mar 2009 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7953 Surplus from share dealings was treated as business profit where the surrounding facts showed an adventure in the nature of trade. The character of the transaction had to be judged from the total effect of all relevant circumstances, including the nature of the commodity, the assessee's ordinary business, the intention at purchase, later conduct, and whether the arrangement bore a scheme for profit-making; an intention to resell at a profit gives rise to a strong but rebuttable presumption of trade. On the facts, the shares formed part of a chain of financing, commodity dealings, and immediate resale in a rising market, with no investment motive such as dividend yield or long-term holding. Case-Laws Income Tax Mon, 16 Feb 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7953