https://www.taxtmi.com/caselaws?id=49472 A direct appeal was maintainable despite an earlier refusal to permit a reference because the delay resulted from a bona fide clerical mistake and not negligence, bringing the matter within recognised exceptional circumstances. The loss on sale of shares was held to be capital rather than trading loss because the shares were acquired at an inflated price as part of an arrangement to secure controlling and enduring business advantages, and the later intra-group sale confirmed the capital-side character of the transaction. en-us Mon, 29 Jan 1962 00:00:00 +0530 Tue, 20 Nov 2018 16:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49472 A direct appeal was maintainable despite an earlier refusal to permit a reference because the delay resulted from a bona fide clerical mistake and not negligence, bringing the matter within recognised exceptional circumstances. The loss on sale of shares was held to be capital rather than trading loss because the shares were acquired at an inflated price as part of an arrangement to secure controlling and enduring business advantages, and the later intra-group sale confirmed the capital-side character of the transaction. Case-Laws Income Tax Mon, 29 Jan 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49472