https://www.taxtmi.com/caselaws?id=49508 Whether surplus on sale of a large shareholding is capital accretion or taxable trading profit turns on the totality of the transaction and the assessee's intention at acquisition. Where the shares were arranged for prompt resale as part of a composite commercial arrangement, and the sale proceeds financed completion of that arrangement, the surplus is treated as profit from an adventure in the nature of trade. The article also notes that, in an advisory-reference appeal, the court's jurisdiction is confined to the questions referred, so un-referred constitutional or ancillary issues cannot be introduced at the appellate stage. en-us Wed, 12 Apr 1961 00:00:00 +0530 Fri, 29 Aug 2014 21:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49508 Whether surplus on sale of a large shareholding is capital accretion or taxable trading profit turns on the totality of the transaction and the assessee's intention at acquisition. Where the shares were arranged for prompt resale as part of a composite commercial arrangement, and the sale proceeds financed completion of that arrangement, the surplus is treated as profit from an adventure in the nature of trade. The article also notes that, in an advisory-reference appeal, the court's jurisdiction is confined to the questions referred, so un-referred constitutional or ancillary issues cannot be introduced at the appellate stage. Case-Laws Income Tax Wed, 12 Apr 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49508