https://www.taxtmi.com/caselaws?id=37982 Surplus from sale of shares is analysed as capital gains rather than business income where the assessee functions as an investment company, the share transactions form less than ten per cent of total holdings, and the shares were held for a fairly long period before sale. The text emphasises that such sales may amount only to a variation of investments, not an organised business of dealing in shares. It also states that the character of the receipt is a mixed question of law and fact, so factual inferences supported by the record will not be disturbed in reference jurisdiction absent perversity. en-us Mon, 24 Apr 1978 00:00:00 +0530 Fri, 02 Apr 2010 14:00:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37982 Surplus from sale of shares is analysed as capital gains rather than business income where the assessee functions as an investment company, the share transactions form less than ten per cent of total holdings, and the shares were held for a fairly long period before sale. The text emphasises that such sales may amount only to a variation of investments, not an organised business of dealing in shares. It also states that the character of the receipt is a mixed question of law and fact, so factual inferences supported by the record will not be disturbed in reference jurisdiction absent perversity. Case-Laws Income Tax Mon, 24 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37982