https://www.taxtmi.com/caselaws?id=8268 The High Court of Allahabad ruled in favor of the assessee, determining that the shares in question were stock-in-trade rather than investments for the assessment years 1951-52 and 1952-53. The Court found that the circumstances presented by the department were not sufficient to prove that the shares were acquired as investments. The assessee successfully demonstrated that the shares were held as stock-in-trade, and the department failed to substantiate their claim. Consequently, the Court directed the Commissioner of Income-tax, U.P., to pay the assessee costs of the reference. en-us Fri, 19 Feb 1971 00:00:00 +0530 Thu, 09 Apr 2009 09:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8268 The High Court of Allahabad ruled in favor of the assessee, determining that the shares in question were stock-in-trade rather than investments for the assessment years 1951-52 and 1952-53. The Court found that the circumstances presented by the department were not sufficient to prove that the shares were acquired as investments. The assessee successfully demonstrated that the shares were held as stock-in-trade, and the department failed to substantiate their claim. Consequently, the Court directed the Commissioner of Income-tax, U.P., to pay the assessee costs of the reference. Case-Laws Income Tax Fri, 19 Feb 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8268