https://www.taxtmi.com/caselaws?id=277353 Surplus on sale of shares and securities is taxable as revenue income where the assessee-company's real business involves dealing with those holdings in the ordinary course of financing, promoting, managing, or acquiring control over allied concerns. The decisive test is the nature of the business actually carried on, not merely the objects in the memorandum. On the stated facts, the company varied its holdings to fund fresh acquisitions and corporate control, so the sales were an integral incident of business rather than a mere change of investment. The gain was therefore rightly assessable as taxable income. en-us Mon, 15 May 1950 00:00:00 +0530 Sat, 01 Dec 2018 16:08:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277353 Surplus on sale of shares and securities is taxable as revenue income where the assessee-company's real business involves dealing with those holdings in the ordinary course of financing, promoting, managing, or acquiring control over allied concerns. The decisive test is the nature of the business actually carried on, not merely the objects in the memorandum. On the stated facts, the company varied its holdings to fund fresh acquisitions and corporate control, so the sales were an integral incident of business rather than a mere change of investment. The gain was therefore rightly assessable as taxable income. Case-Laws Income Tax Mon, 15 May 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277353