https://www.taxtmi.com/caselaws?id=34940 The High Court ruled in favor of the Revenue, determining that the loss incurred by the assessee in the sale of shares should not be considered a business deduction. The Court found that the share purchase transaction was not a normal business activity but was influenced by a private settlement among directors, unrelated to the company's business needs. The interest payment issue was remanded to the Assessing Officer for further examination. The Court concluded that the transactions in question did not qualify as business activities of the assessee-company. en-us Tue, 18 Aug 2009 00:00:00 +0530 Thu, 12 Nov 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34940 The High Court ruled in favor of the Revenue, determining that the loss incurred by the assessee in the sale of shares should not be considered a business deduction. The Court found that the share purchase transaction was not a normal business activity but was influenced by a private settlement among directors, unrelated to the company's business needs. The interest payment issue was remanded to the Assessing Officer for further examination. The Court concluded that the transactions in question did not qualify as business activities of the assessee-company. Case-Laws Income Tax Tue, 18 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34940