https://www.taxtmi.com/caselaws?id=277170 The court held that the profit from the sale of Government securities should be attributed to the profit and loss account, as it was considered part of business income under the Income Tax Act. Additionally, the profit from the sale of property acquired for resale was deemed as business income and not outside the Act's scope. Lastly, the court ruled that the assessee was not entitled to a reduced current assessment due to previous over-assessment, as there was no provision for relief at the current assessment stage. en-us Mon, 08 Feb 1937 00:00:00 +0530 Tue, 27 Nov 2018 17:10:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277170 The court held that the profit from the sale of Government securities should be attributed to the profit and loss account, as it was considered part of business income under the Income Tax Act. Additionally, the profit from the sale of property acquired for resale was deemed as business income and not outside the Act's scope. Lastly, the court ruled that the assessee was not entitled to a reduced current assessment due to previous over-assessment, as there was no provision for relief at the current assessment stage. Case-Laws Income Tax Mon, 08 Feb 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277170