https://www.taxtmi.com/caselaws?id=277019 Share dealings were treated as business income because the Tribunal had material to infer trading activity rather than mere realisation of investments. Substantial borrowings, an overdraft arrangement, separate accounts, and the scale and regularity of transactions supported the finding, and the HC would not disturb it absent lack of material. The earlier assessment year did not bind later years as income-tax assessments are not governed by res judicata in that way; where fresh and materially different facts exist, the Tribunal may reach a different conclusion. The assessee therefore failed on both issues, and the share profits remained taxable as business profits. en-us Thu, 26 Apr 1956 00:00:00 +0530 Thu, 22 Nov 2018 12:01:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277019 Share dealings were treated as business income because the Tribunal had material to infer trading activity rather than mere realisation of investments. Substantial borrowings, an overdraft arrangement, separate accounts, and the scale and regularity of transactions supported the finding, and the HC would not disturb it absent lack of material. The earlier assessment year did not bind later years as income-tax assessments are not governed by res judicata in that way; where fresh and materially different facts exist, the Tribunal may reach a different conclusion. The assessee therefore failed on both issues, and the share profits remained taxable as business profits. Case-Laws Income Tax Thu, 26 Apr 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277019