https://www.taxtmi.com/caselaws?id=272526 Share purchases made in the course of an existing share-dealing activity were treated as stock-in-trade, not a mere capital investment. The surrounding circumstances, including the profit-making character of the transaction, the sale after about a year, and the assessee's prior dealings in shares, supported the inference that the surplus on resale was revenue income. The contrary Tribunal finding that the purchase was solely for acquiring managing agency had no reliable basis on the record and was rejected. The surplus was therefore taxable as revenue income and not a capital receipt. en-us Tue, 18 Sep 1962 00:00:00 +0530 Mon, 07 May 2018 15:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272526 Share purchases made in the course of an existing share-dealing activity were treated as stock-in-trade, not a mere capital investment. The surrounding circumstances, including the profit-making character of the transaction, the sale after about a year, and the assessee's prior dealings in shares, supported the inference that the surplus on resale was revenue income. The contrary Tribunal finding that the purchase was solely for acquiring managing agency had no reliable basis on the record and was rejected. The surplus was therefore taxable as revenue income and not a capital receipt. Case-Laws Income Tax Tue, 18 Sep 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272526