https://www.taxtmi.com/caselaws?id=37856 Loss on sale of securities was treated as a capital loss rather than a revenue deduction because the assessee was not a dealer in securities, held substantial securities during the accounting period, and failed to show any commercial exigency for their sale. The claim that the securities were acquired only as trading assets for pledging against overdraft facilities was rejected, as the surrounding circumstances did not support the characterisation of the securities as circulating capital or stock-in-trade. The securities were found to be an investment of a capital nature, so the loss was not allowable as a business deduction. en-us Fri, 03 Nov 1978 00:00:00 +0530 Thu, 01 Apr 2010 14:12:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37856 Loss on sale of securities was treated as a capital loss rather than a revenue deduction because the assessee was not a dealer in securities, held substantial securities during the accounting period, and failed to show any commercial exigency for their sale. The claim that the securities were acquired only as trading assets for pledging against overdraft facilities was rejected, as the surrounding circumstances did not support the characterisation of the securities as circulating capital or stock-in-trade. The securities were found to be an investment of a capital nature, so the loss was not allowable as a business deduction. Case-Laws Income Tax Fri, 03 Nov 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37856