https://www.taxtmi.com/caselaws?id=284974 Trustees authorised by a will to realise properties and vary investments were not treated as dealers in shares where the evidence showed only occasional sales and limited portfolio adjustments. The Bombay High Court held that sale of some shares within about three years of purchase, without more, did not establish trading activity or an intention to earn business profit. The beneficiary's own share dealings were also found inconclusive. The surplus was therefore capital in nature and not taxable as business income, with the reference answered in favour of the assessee and no error of law found in the Tribunal's conclusion. en-us Fri, 10 Aug 1962 00:00:00 +0530 Thu, 19 Dec 2019 15:02:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284974 Trustees authorised by a will to realise properties and vary investments were not treated as dealers in shares where the evidence showed only occasional sales and limited portfolio adjustments. The Bombay High Court held that sale of some shares within about three years of purchase, without more, did not establish trading activity or an intention to earn business profit. The beneficiary's own share dealings were also found inconclusive. The surplus was therefore capital in nature and not taxable as business income, with the reference answered in favour of the assessee and no error of law found in the Tribunal's conclusion. Case-Laws Income Tax Fri, 10 Aug 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284974