https://www.taxtmi.com/caselaws?id=38892 Shares held as investments, and not as stock-in-trade, may qualify as fixed assets for section 23A of the Indian Income-tax Act, 1922. The term "fixed assets" was read in its commercial sense by distinguishing them from current assets, with support from accountancy and company-law usage. Year-to-year fluctuation in share value did not alter that character, because fixed assets may also vary in value. The view that only an investment company could treat such shares as fixed assets was rejected, and the shares were treated as fixed assets within Explanation 2(iv)(a), making section 23A inapplicable. en-us Thu, 11 Dec 1975 00:00:00 +0530 Sat, 10 Apr 2010 12:15:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38892 Shares held as investments, and not as stock-in-trade, may qualify as fixed assets for section 23A of the Indian Income-tax Act, 1922. The term "fixed assets" was read in its commercial sense by distinguishing them from current assets, with support from accountancy and company-law usage. Year-to-year fluctuation in share value did not alter that character, because fixed assets may also vary in value. The view that only an investment company could treat such shares as fixed assets was rejected, and the shares were treated as fixed assets within Explanation 2(iv)(a), making section 23A inapplicable. Case-Laws Income Tax Thu, 11 Dec 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38892