https://www.taxtmi.com/caselaws?id=49537 Shares acquired at a substantial premium to secure control of a managing agency were treated as a capital acquisition, not as stock-in-trade of a share business. Because the shares were capital assets, the loss on their sale was a capital loss and the claimed year-end diminution based on cost or market value, whichever was lower, was not deductible as a trading loss. The Supreme Court therefore held that the assessee's share-dealing business did not change the capital character of this acquisition, and the resulting loss was not allowable in computing business income. en-us Mon, 05 Dec 1960 00:00:00 +0530 Mon, 03 Nov 2025 15:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49537 Shares acquired at a substantial premium to secure control of a managing agency were treated as a capital acquisition, not as stock-in-trade of a share business. Because the shares were capital assets, the loss on their sale was a capital loss and the claimed year-end diminution based on cost or market value, whichever was lower, was not deductible as a trading loss. The Supreme Court therefore held that the assessee's share-dealing business did not change the capital character of this acquisition, and the resulting loss was not allowable in computing business income. Case-Laws Income Tax Mon, 05 Dec 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49537