https://www.taxtmi.com/caselaws?id=49421 The Supreme Court upheld the High Court's decision that the assessable profit from the sale of shares should be the difference between the sale price and the market price on April 1, 1945. The court rejected applying the decision in Sir Kikabhai Premchand v. Commissioner of Income-tax, emphasizing the distinction in facts and principles. Additionally, the court considered the House of Lords' decision in Sharkey v. Wernher but found it not binding. The appeal was dismissed, affirming the High Court's approach based on ordinary commercial principles for computing profits in trading activities. en-us Fri, 23 Feb 1962 00:00:00 +0530 Wed, 27 Aug 2014 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49421 The Supreme Court upheld the High Court's decision that the assessable profit from the sale of shares should be the difference between the sale price and the market price on April 1, 1945. The court rejected applying the decision in Sir Kikabhai Premchand v. Commissioner of Income-tax, emphasizing the distinction in facts and principles. Additionally, the court considered the House of Lords' decision in Sharkey v. Wernher but found it not binding. The appeal was dismissed, affirming the High Court's approach based on ordinary commercial principles for computing profits in trading activities. Case-Laws Income Tax Fri, 23 Feb 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49421