https://www.taxtmi.com/caselaws?id=49715 Surplus on sale of shares and securities is taxable as business income where the realisation is a normal step in the assessee's business and the holdings are dealt with as part of trading operations rather than as mere investment. The controlling test is the connection between the sales and the business: it is not necessary that the share dealings, taken alone, constitute a separate securities business. On the stated facts, the company's financing and promotion activities, and its varied holdings in ordinary business course, supported treatment of the surplus as profits and gains of business. en-us Wed, 23 Sep 1953 00:00:00 +0530 Wed, 10 Sep 2014 13:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49715 Surplus on sale of shares and securities is taxable as business income where the realisation is a normal step in the assessee's business and the holdings are dealt with as part of trading operations rather than as mere investment. The controlling test is the connection between the sales and the business: it is not necessary that the share dealings, taken alone, constitute a separate securities business. On the stated facts, the company's financing and promotion activities, and its varied holdings in ordinary business course, supported treatment of the surplus as profits and gains of business. Case-Laws Income Tax Wed, 23 Sep 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49715