https://www.taxtmi.com/caselaws?id=27265 Genuineness of a share transaction did not by itself determine the nature of the resulting loss; the decisive test was whether the assessee acquired and held the shares as an investor or as a dealer. On the facts, the shares were in a practically defunct, unquoted private company and were dealt with only within the same group, so the loss was treated as capital loss, not business loss. The commission of inquiry expenses and law department expenses were allowed as revenue expenditure because both claims were covered by the assessee's earlier year decision and treated as business expenditure. en-us Thu, 23 May 1985 00:00:00 +0530 Thu, 11 Feb 2010 17:22:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27265 Genuineness of a share transaction did not by itself determine the nature of the resulting loss; the decisive test was whether the assessee acquired and held the shares as an investor or as a dealer. On the facts, the shares were in a practically defunct, unquoted private company and were dealt with only within the same group, so the loss was treated as capital loss, not business loss. The commission of inquiry expenses and law department expenses were allowed as revenue expenditure because both claims were covered by the assessee's earlier year decision and treated as business expenditure. Case-Laws Income Tax Thu, 23 May 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27265