https://www.taxtmi.com/caselaws?id=8219 Whether losses on sale of shares were business losses turned on whether the assessee was a dealer in shares or merely an investor. The Bombay HC treated the inquiry as a mixed question of fact and law and held that all material circumstances had to be considered, including the assessee's prior and subsequent assessment history. Consistent treatment as a dealer in earlier and later years was relevant evidence of the character of the transactions. The Tribunal erred in relying on isolated facts and in drawing an unsupported distinction between public and private company shares. On the totality of circumstances, the share dealings were trading transactions and the losses were deductible as business losses. en-us Wed, 20 Jan 1971 00:00:00 +0530 Mon, 06 Apr 2009 09:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8219 Whether losses on sale of shares were business losses turned on whether the assessee was a dealer in shares or merely an investor. The Bombay HC treated the inquiry as a mixed question of fact and law and held that all material circumstances had to be considered, including the assessee's prior and subsequent assessment history. Consistent treatment as a dealer in earlier and later years was relevant evidence of the character of the transactions. The Tribunal erred in relying on isolated facts and in drawing an unsupported distinction between public and private company shares. On the totality of circumstances, the share dealings were trading transactions and the losses were deductible as business losses. Case-Laws Income Tax Wed, 20 Jan 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8219