https://www.taxtmi.com/caselaws?id=35611 The High Court held that the sums of Rs. 61,449 and Rs. 38,175, realized on the sale of shares, were capital gains and not assessable as business income for the assessment years 1963-64 and 1964-65, respectively. The court emphasized that the transactions lacked trading characteristics and were not in the nature of trade, referencing relevant Supreme Court precedents. The revenue was directed to bear the costs of the reference, ruling in favor of the assessee on both issues. en-us Fri, 18 Apr 1980 00:00:00 +0530 Mon, 15 Mar 2010 15:43:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35611 The High Court held that the sums of Rs. 61,449 and Rs. 38,175, realized on the sale of shares, were capital gains and not assessable as business income for the assessment years 1963-64 and 1964-65, respectively. The court emphasized that the transactions lacked trading characteristics and were not in the nature of trade, referencing relevant Supreme Court precedents. The revenue was directed to bear the costs of the reference, ruling in favor of the assessee on both issues. Case-Laws Income Tax Fri, 18 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35611