https://www.taxtmi.com/caselaws?id=8395 The court held that the assessee was not a dealer in shares for the assessment years 1959-60 and 1960-61. The dominant intention behind the transactions was to protect the investment, not for trading purposes. The court found that the sales were aimed at "nursing" the investments and preventing capital erosion, with any resulting profit being incidental. The court emphasized that the borrowing of funds and acquisition of right shares were not determinative of a trading motive. The Commissioner was ordered to pay the costs of the reference to the assessee. en-us Tue, 10 Aug 1971 00:00:00 +0530 Sat, 11 Apr 2009 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8395 The court held that the assessee was not a dealer in shares for the assessment years 1959-60 and 1960-61. The dominant intention behind the transactions was to protect the investment, not for trading purposes. The court found that the sales were aimed at "nursing" the investments and preventing capital erosion, with any resulting profit being incidental. The court emphasized that the borrowing of funds and acquisition of right shares were not determinative of a trading motive. The Commissioner was ordered to pay the costs of the reference to the assessee. Case-Laws Income Tax Tue, 10 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8395