https://www.taxtmi.com/caselaws?id=9245 Government securities held by a banking company are prima facie stock-in-trade because banking statutes require authorised dealings in securities as part of banking business. When such securities are separately realised in the ordinary course of banking activity, any gain or loss from their transfer is treated as a business profit or business loss. On the facts described, the transfer under an amalgamation scheme was not a slump sale of the entire undertaking for one composite consideration; the securities were separately valued and transferred to provide funds for discharge of liabilities. The loss on that transfer was therefore deductible in computing business income. en-us Tue, 09 Oct 1973 00:00:00 +0530 Sat, 20 Jun 2009 16:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9245 Government securities held by a banking company are prima facie stock-in-trade because banking statutes require authorised dealings in securities as part of banking business. When such securities are separately realised in the ordinary course of banking activity, any gain or loss from their transfer is treated as a business profit or business loss. On the facts described, the transfer under an amalgamation scheme was not a slump sale of the entire undertaking for one composite consideration; the securities were separately valued and transferred to provide funds for discharge of liabilities. The loss on that transfer was therefore deductible in computing business income. Case-Laws Income Tax Tue, 09 Oct 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9245