https://www.taxtmi.com/caselaws?id=23842 Whether a loss on sale of shares was a trading loss had to be determined on the facts and circumstances existing when the loss was claimed, not by awaiting the result of a pending suit. The Tribunal was required to decide from the evidence on record whether the transactions were real and, if so, whether the loss was of a revenue character. Its approach was criticised because it failed to make that independent factual determination and instead treated the suit outcome as decisive. The question was answered in the negative, and the assessee did not succeed on this point. en-us Tue, 14 Feb 1989 00:00:00 +0530 Thu, 14 Jan 2010 16:52:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23842 Whether a loss on sale of shares was a trading loss had to be determined on the facts and circumstances existing when the loss was claimed, not by awaiting the result of a pending suit. The Tribunal was required to decide from the evidence on record whether the transactions were real and, if so, whether the loss was of a revenue character. Its approach was criticised because it failed to make that independent factual determination and instead treated the suit outcome as decisive. The question was answered in the negative, and the assessee did not succeed on this point. Case-Laws Income Tax Tue, 14 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23842