https://www.taxtmi.com/caselaws?id=283266 The court held that the taxpayers' transactions were tax-recovery devices, not trading activities. The court distinguished the case from previous rulings and emphasized the genuine and substantial nature of trading for relief under the Income Tax Act. The Finance Act, 1960, closing loopholes for such transactions, further supported the decision. The appeal was dismissed, affirming that the taxpayers engaged in dividend-stripping, not trade, and were not eligible for relief under the Income Tax Act. en-us Wed, 14 May 1969 00:00:00 +0530 Tue, 17 Sep 2019 10:21:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283266 The court held that the taxpayers' transactions were tax-recovery devices, not trading activities. The court distinguished the case from previous rulings and emphasized the genuine and substantial nature of trading for relief under the Income Tax Act. The Finance Act, 1960, closing loopholes for such transactions, further supported the decision. The appeal was dismissed, affirming that the taxpayers engaged in dividend-stripping, not trade, and were not eligible for relief under the Income Tax Act. Case-Laws Indian Laws Wed, 14 May 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283266