https://www.taxtmi.com/caselaws?id=8202 The court determined that the assessee was indeed carrying on a business of dealing in shares during the assessment year 1954-55, despite a period of inactivity in previous years. Consequently, the assessee was entitled to claim a loss of Rs. 44,190 as a business loss for that year. The court emphasized the continuity of the business activity based on the nature of shares held and rejected the department's argument regarding the specificity of the shares dealt with. The Commissioner was directed to bear the costs of the assessee. en-us Mon, 18 Jan 1971 00:00:00 +0530 Mon, 06 Apr 2009 08:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8202 The court determined that the assessee was indeed carrying on a business of dealing in shares during the assessment year 1954-55, despite a period of inactivity in previous years. Consequently, the assessee was entitled to claim a loss of Rs. 44,190 as a business loss for that year. The court emphasized the continuity of the business activity based on the nature of shares held and rejected the department's argument regarding the specificity of the shares dealt with. The Commissioner was directed to bear the costs of the assessee. Case-Laws Income Tax Mon, 18 Jan 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8202