https://www.taxtmi.com/caselaws?id=276408 A dealer in shares who consistently treated gains and losses from the relevant scrip as trading results could not claim that later sale profits had become capital gains merely because there were no sales for some years and holdings increased during a price slump. On the facts, there was no reliable basis to treat the shares as investment or as a distinct capital asset, so the surplus on sale remained business income. The amount received was also not split into share price and consideration for alleged control-related rights, because the assessee itself had no controlling interest, managing agency rights, or enforceable rights to appoint or remove directors. The full receipt was therefore the price of the shares alone. en-us Tue, 21 Apr 1964 00:00:00 +0530 Sat, 10 Nov 2018 11:19:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276408 A dealer in shares who consistently treated gains and losses from the relevant scrip as trading results could not claim that later sale profits had become capital gains merely because there were no sales for some years and holdings increased during a price slump. On the facts, there was no reliable basis to treat the shares as investment or as a distinct capital asset, so the surplus on sale remained business income. The amount received was also not split into share price and consideration for alleged control-related rights, because the assessee itself had no controlling interest, managing agency rights, or enforceable rights to appoint or remove directors. The full receipt was therefore the price of the shares alone. Case-Laws Income Tax Tue, 21 Apr 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276408